“Startups that succeed are those that manage to iterate enough times before running out of resources.” — Eric Ries, The Lean Startup
The Lean Startup, a modern approach to entrepreneurial management, was covered in last Wednesday’s Entrepreneurship 101 lecture given by Jon Worren, the experienced facilitator of MaRS’s Entrepreneur’s Toolkit Workshops and the founder of ClearSky Advisors.
Why The Lean Startup?
Building products that nobody wants is why startups fail and it causes tremendous waste—especially waste of human capacity. The Lean Startup has established a scientific process that can be learned and replicated for building successful ventures.
During his lecture, Jon not only explained the principles of scientific entrepreneurial management, but he also shared the steps that you can use to apply The Lean Startup process to your business.
Step 0: Describe your idea
Step 1: Review assumptions
Step 2: Test
Steps 3 and 4: Measure and evaluate
Watch the video below to learn more about how to make your startup lean.
Other resources that might be helpful
Ash Maurya’s blog: Practice Trumps Theory. (Ash Maurya is the author of Running Lean: Iterate From Plan A to A Plan That Works.)
SlideShare: What is a Lean Startup?
Article: “Business model design”
Want to connect?
Forgot to take notes? Here is a sketch note shared by attendee Sacha Chua.