During the Christmas period, I read Eric Ries's: The Lean Startup book.
It was recommended by one of my university peer whom I approached with the Big One. I enjoyed reading it very much and I had a lot 'hmm moments'. Although this book mainly concentrates on the IT startups, the learning cycle and the business growth strategy could be useful for other types of businesses.
The idea that hit me hard was that you better not to take it granted that the product or service what you perceive to be good is what the customers really need and they are happy to pay for. I guess it is a common trap for new entrepreneurs who are in love with their ideas, like me. The book highlighted the necessity of building up a direct relationship with the future customers in order to get to know their experience, perceptions, wants, etc.
Also, the book argued to leave enough place and funding for alternatives if during the market research or the pilot launch period your hypothesis about the product or service turns out to be wrong. Use the failure as an experience to turn to a better alternative that suits your future consumers more.
The third most important knowledge I learned was that during the growth period set up measures against which you going to account the success of the business. Avoid falling into the trap of using data or information that provides false information about the success. If your Facebook page shows 1000 visitors a day but you only sold 1 product, there must be something wrong.
Follow a launch-measure-reflection cycle to identify early problems. It can save a lot of time and money for your business.
Obviously, there were many other aspects discussed in the book and a number of examples how the lean methodology can be used in new or existing companies. I just picked up these few keys things at the first read. I think I need to spare some more time to read the Toyota lean method book at some point as it must be an interesting one as well.
It was recommended by one of my university peer whom I approached with the Big One. I enjoyed reading it very much and I had a lot 'hmm moments'. Although this book mainly concentrates on the IT startups, the learning cycle and the business growth strategy could be useful for other types of businesses.
The idea that hit me hard was that you better not to take it granted that the product or service what you perceive to be good is what the customers really need and they are happy to pay for. I guess it is a common trap for new entrepreneurs who are in love with their ideas, like me. The book highlighted the necessity of building up a direct relationship with the future customers in order to get to know their experience, perceptions, wants, etc.
Also, the book argued to leave enough place and funding for alternatives if during the market research or the pilot launch period your hypothesis about the product or service turns out to be wrong. Use the failure as an experience to turn to a better alternative that suits your future consumers more.
The third most important knowledge I learned was that during the growth period set up measures against which you going to account the success of the business. Avoid falling into the trap of using data or information that provides false information about the success. If your Facebook page shows 1000 visitors a day but you only sold 1 product, there must be something wrong.
Follow a launch-measure-reflection cycle to identify early problems. It can save a lot of time and money for your business.
Obviously, there were many other aspects discussed in the book and a number of examples how the lean methodology can be used in new or existing companies. I just picked up these few keys things at the first read. I think I need to spare some more time to read the Toyota lean method book at some point as it must be an interesting one as well.
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