Post-2010 Bangladeshi startup ecosphere enjoyed a robust spell with approximately more than 1000 new ventures operating and expected to soar multifold with the digitalized ecosystem.
However, per Startup Genome, 9 out of 10 startups are prone to failure & 2 out of 10 new businesses fail in the first year of operations. These unreal numbers speak volumes literally. All these are the by-product of proper product-market fit lacking, marketing & team problems, and finance problems mostly. An eccentric yet interesting part is that all these are preventable. This is exactly where ‘The Lean Startup’ comes into play. This book serves you right as a proper textbook panacea for everything exciting about a startup. Penned by, co-founder of IMVU and entrepreneur-in-residence at Harvard Business School, Eric Ries.
Eric doesn’t just talk about how to make a more fruitful enterprising business; it’s about what we can gain from those organizations to improve practically all that we do. I envision Lean Startup standards can be applied to government programs, to medicinal services, and to taking care of the world’s incredible issues. It’s a fitting response to the inquiry how would we be able to learn all the more rapidly what works and dispose of what doesn’t. This book is an absolute necessity read for business visionaries who are genuinely prepared to begin something incredible!
The name ‘The Lean Startup’ was inspired by the lean manufacturing revolution developed at Toyota. The title is self-explanatory to some extent. A ‘lean’ start-up is an economical efficiency in real life, a method to develop and manage startups. This framework incorporates: taking care of the ideas and information on the workers; making smaller batch sizes; actualizing just-in-time production; and quickening cycle durations.
Eric Ries’ progressive Lean Startup strategy will help finish new business idea that is fruitful and supportable. You’ll find imaginative advances and systems for making and dealing with your startup while gaining from the genuine victories and crumples of others.
This book is separated into three sections: “Vision,” “Steer,” and “Accelerate.” Eventually amounting to a mammoth 14 chapters.
“Vision” puts forth the defense for another control of enterprising administration. It recognizes who is a business visionary, defines a startup, and orchestrates another route for new companies to check if they are gaining ground, namely validated learning. To accomplish that learning, we’ll see that new businesses—in a corporate or inside a venture—can utilize scientific experimentation to find how to construct a feasible business.
“Steer” demonstrates how vision leads to steering. And plunges into the Lean Startup technique in detail, giving one significant turn through the eccentric yet fruitful Build-Measure-Learn input circle. Starting with the act of pure trust suppositions that shout out for thorough testing, figures out how to manufacture a base practical item to test those presumptions, another bookkeeping framework for assessing whether you’re gaining ground, and a technique for concluding whether to rotate (changing course with one foot tied down to the ground) or endure. Encapsulates some metrics & analyses. ‘Pivot (or Persevere)’ chapter is my personal favorite from this section.
In “Accelerate”, Eric investigates methods that empower Lean Startups to hurry through the Build-Measure-Learn input circle as fast as could reasonably be expected, whilst they scale. My favorite Batch chapter stats off with how Toyota explored the Japanese car market using small batches throughout the process. Plus, Eric articulates lean assembling ideas that are material to new businesses, as well, for example, the intensity of little clumps. Further examine the authoritative plan, how items develop, and how to apply Lean Startup standards beyond the notorious corporate, even inside the world’s biggest organizations.
Eric unwinds the secrets of business enterprise and uncovers that enchantment and virtuoso are not the fundamental elements for progress but rather proposes a scientific procedure that can be learned and cut and pasted. Regardless of whether you are a wannabe startup business visionary or a corporate business visionary, there are significant exercises and pragmatic examples for your journey toward the new and obscure.
This book rates well to me as a close second to my entrepreneurship textbook. 4.5/5 from me. I would recommend it.
Written by, Zunayed Hossain
Member, Startup Chattogram