Eric Ries discovered the principle of Lean startup methodology which taught us how we have to associate our products with customers easily at instant time. He co-founded and also served as chief technical officer of IMVU. Businessweek honored him the best young Entrepreneurs of tech in 2007 later on 2009 he got Tech fellow award in Engineering Leadership category.
He serves on advisory board of various number of technology startup and also work on consultant for various startup, companies and venture capital firms. In 2010 he also became Entrepreneur in residence at Harvard business school.
The top 10 lessons which Eric Ries taught which every entrepreneur have to know:
There is nothing about “Big Ideas”
if you think about that you have big ideas, then you are successful in business, in business ideas have only 5% importance. People have to give 95 percent importance on how they will work that is measured by innovation accounting: Product prioritization decision, what customer will have to target or listen, and how much they have courage to test their vision by continuous testing and feedback.
Get out and customer interaction
For any startup customer feedback matters and help them to grow, so every company have to think about how their product influence the life of people. For this they have to go out and interact with customers, because good feedback is priceless to every company success.
Failing quickly
Lean startup work on how much less time you have to build your product, and how much big things you will learn and after getting customer feedback how you can take innovation in product. Just imagine you spent 2 to 4 years to transform your ideas to final product, and then think about that it’s going to big hit. But what happen if customers will not like your product. Then you will think about what we have done during 4 years where we lack, this lead to frustration. So Lean startup taught us how we can start by small step and leads to achieve big.
Avoid Vanity metrics
we have to always avoid vanity metrics to measure how many people increased within the span of time. If we think there is increment growth in product signup, whether it happened because of product improvement, strategic marketing or something? This just provide you guesses not fact.
Minimum viable product
Minimum viable product allowed you to develop new product and how your team will initiate testing procedure to get validated learning about customers with least effort. The main importance of minimum viable product is how we can test our fundamental hypothesis so that it helps us to learn quickly and help us to attain success.
Always have courage to take experiment
when you transform your ideas to final product and put into market there is so much competition so you have to always be ready to take bold decisions. Bold decisions will help you to change your strategies and help to build your startup to sustain for long time.
Hard to predict future
Now days if your company is doing great at present you can’t predict what will happen to company after 5 years.so we have to always plan according to newest technology, this will help us to take precaution necessary according to situation.
Split testing
split testing will help you to test your previous product and improved product both at the same time, just give your product both to different people and then analyses which products have better feedback. This will help to make those products which will benefit you and people also.
Assumption
Nobody will predict the future of your company so never make assumption. The mantra of lean startup is “Assume nothing and test everything” so just test your strategies and leave other worries.
Use early adopters
When you launch your product, then target those customers which will show interest to buy your product initially, these people are early adopters. So use them to initiate awareness to other people, it will transform awareness to sales. We know that people always influence people so use this Mantra for sales also.