“The Lean Startup”

The Lean Startup book summary narrates how to run startup successfully. With some simple
steps mentioned in the book, The Lean Startup by Eric Ries, you can learn how to boom
startup and how to make startup successful. Learn how to grow your business in an
interesting and proven way with this book . Remember that every idea when conceived is
crude but the effective execution of idea makes it an invention or revolution. So believe in
your idea and make it happen .

The lean start-up tells about the new start-ups through which they can be helped. The author
has described that building something new is not a problem. As technology is present
everywhere in this world there is a facility of internet through which you can get the
information about everything . He has described the startup as startup is a human institution
design to deliver a new product or service under condition of extreme uncertainty . the
author has said that learning should not be a waste of time it means that if your learning
anything it is not a waste of time it’s a utilisation of time. In the book it is describe about the
leap of faith that the customer will have a desired to buy our product or service. There are
some concept that is described by the author in the book . The value hypothesis : would are
product be valuable to our customers when they start using it. For which we should have facts
not the assumption. MVP minimum viable product describe that a product with sufficient
features to satisfy early adopters. For example whenever a new product come in market
people don't believe in that product as there is no faith in market but some people intend to
buy new product as they are called the early adopters. The next thing that author described is
the growth hypothesis as growth hypothesis tells how would the new customer discover our
product. the best thing to discover the product among the customers is the referral . so during
the referral program the company also gives the benefit to the customer who is referring that
product to the another customer. For example when you to install an app called Google Pay a
and when you refer this app to a new user you also get benefits.The next A/B testing . A/B
TESTING describes that offering two variants of same products to different customers. Ab
testing is essentially and experiment where two or more variants of a page as shown to users
at random and statistical analysis is used to determine which variation performs better for
given conversion goal.

The concept tells about that as fast as we can get the facts for the product we should not
waste the time in learning.If you are new to lean startup framework this book is the fastest
way to learn how to do customer development and get to a product-market fit.
The book is divided in three parts.

Vision

Steer

Accelerate

In vision the book defines a entrepreneur and ask you to put down your hypothesis which
will get you towards validated learning. In steer the book tells about you can get the
hypothesis and learning to a MVP and puts a framework to measure progress. It also tells you
how you can measure progress to decide on perverse or pivot decisions. In accelerate it talks
about techniques to speed the build-measure-learn feedback loop, and how you can grow
your startup faster.