Summary: ‘The Lean Startup’ by Eric Ries by edify.me

Summary: ‘The Lean Startup’ by Eric Ries

By edify.me

  • Release Date: 2015-02-20
  • Genre: Small Business & Entrepreneurship
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Description

The #1 best-selling summary of The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, Eric Ries' must-read book for entrepreneurs.

2 Summaries in 1:
1. In-depth, comprehensive, chapter-by-chapter summary
2. BONUS: A downloadable PDF 2-page summary with key points to complement the in-depth summary for reference and review

(Note: this summary is written and published by edify.me. It is not the original book and not written by the original author.)

Summary Overview:
The Lean Startup presents a practical and insightful approach to building products and launching startups.  Based on his experience as an entrepreneur and drawing concepts from lean manufacturing and other disciplines, Ries has created a framework for systematic innovation to maximize the chances of startup success.

In this summary:

Part I: Vision explains the basic principles of The Lean Startup, defining what a startup is and how it should measure progress through validated learning.
Introduction. Origins of the Lean Startup; 5 principles of the Lean Startup method.
Chapter 1: Start. Why startups fail; understanding vision, strategy and product.
Chapter 2: Define. The definition of “startup”; lessons on innovation from SnapTax and Intuit.
Chapter 3: Learn. Lessons from IMVU’s mistakes; validated learning; scientific testing and reducing waste; fighting the temptation of zero.
Chapter 4: Experiment. 4 reasons experiments are better than research; value and growth hypotheses; how to run an experiment.

Part II: Steer explains the process of validating an innovation’s value and ability to grow, including laying out key assumptions, testing assumptions with minimum viable products, and quantitatively measuring progress.
Chapter 5: Leap. Leap of faith assumptions; genchi genbutsu; customer archetypes.
Chapter 6: Test. Minimum viable product (MVP); video, concierge and Wizard of Oz MVPs; rethinking quality in MVPs; 4 fears of MVPs.
Chapter 7: Measure. Actionable metrics; 3 A’s of innovation accounting; 3 steps of innovation accounting; 3 tools of innovation accounting. 
Chapter 8: Pivot (or Persevere). When to pivot; 5 points about pivots; Votizen and Wealthfront case studies; 10 types of pivots. 

Part III: Accelerate explains how to increase the speed through the Lean Startup process, how to grow, and how to establish a culture of Lean Startup innovation in both early-stage companies and mature organizations.
Chapter 9: Batch. Single piece flow; benefits of small batches; continuous deployment; the andon cord; “pulling” hypotheses.
Chapter 10: Grow. 4 types of sustainable growth; 3 engines of growth (sticky, viral and paid); quantifying product / market fit.
Chapter 11: Adapt. Adaptive organizations; the Five Whys; proportional investments; automatic speed regulators; building a culture of trust; simplified Five Whys; 5 tips for Five Whys.
Chapter 12: Innovate. Portfolio thinking; 3 requirements for internal startup innovation inside a parent organization; the innovation sandbox.
Epilogue. The Lean Startup mindset. 

Reading Time:
Summary: 55 minutes
Full Book: 5:05 hours
Savings: 4:10 hours

Benefits of edify.me summaries:
Readability: Clear, concise and well-written for easy reading.
Retention: Structured into logical sections and enhanced with bullet points, lists and quotations to maximize retention of knowledge.
Review: Provides a fast knowledge refresher when you need it.

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