LEAN STARTUP IN 5 MINUTES (OR LESS)

welcome to get lien in five minutes it's basically like six-minute abs except it's leaner it's faster and it's got product development and not AB development the Lean Startup framework and being lean is the de facto framework that startups today use to test and grow their startup businesses so the term lean as you know it comes from this book and is written by man named Eric Ries the name actually comes from lean manufacturing something that Toyota did basically meant that they try to make a very simplified process of manufacturing the Lean Startup version obviously is for startups now what is the book all about it's about a framework and a way of thinking that can mitigate your risks going forward as you pursue your startup and increase the likelihood of finding an idea or a feature or a product that sticks now the first thing that lean wants you to know is that when you go out there and launch your business idea you're launching into 100% unknown absolute uncertainty now you might think well I have talked to my mom about this idea and she said it was great also my best friend said it was great and I read Steve Jobs by Walter Anderson Isaacson now this is where the vast majority of people are wrong and it's the first lesson we learned from lean in order to know whether or not your idea is any good you have to get out there and test it get out of the building as they call it if you're just sitting here right now thinking about your idea in your head it's just that it's just your head even if you think you know your customers know your market and you know how they're gonna respond you actually don't you do not know for a fact when we're in the shower when we're thinking about our idea boy does it sound brilliant but the reality is that most of our ideas are actually terrible where the great Eric Ries is actually trying to say that the only way an idea can improve and gain legs is by achieving what we call validated learning validated learning is learning that we know is true because we've tested it whereas learning itself we don't know if it's true because it's not tested you can research all day long reading primary and area reports but how do you know for a hundred percent fact whether or not someone in a buying type situation he's going to buy what you're gonna try to sell now the best way of getting that validated learning that we so crave in the Lean Startup framework is by building MVP experiments which are basically miniature versions of your first product that we push out rapidly with a minimum amount of time and effort just to see how customers react why is it that we have to do it quickly well because when you run an MVP experiment there's really only one of two things that can happen one your idea is validated and you get some really great information about how to improve it or - it just straight up fails and you find out that no people are not interested in your product at least in this current version so if you spend a month making an MVP you push it out there and you find out that nobody actually wants what you're trying to sell it took you a month to figure that out that's one data point basically but if you took a week to make an MVP you could have tested four different ideas within the same time frame that it took you to test that first one more test means more data which means more validated learning now because it's only that binary outcome you either succeed or you fail you might as well fail as quickly as you can because any time to spend up until that point that wasn't absolutely necessary was entirely a waste of time hence why we call it lean we cut out everything that is not necessary in order to figure out whether or not our idea is any good it's a way of minimizing the effort resources and time it takes to figure out whether or not your product should even be built in the first place and the motto is and I love this stop building things that people do not want for those of you out there that knew lean well that was a refresher and if you did know lean look at much time I just saved you

Channel: One Month

Views: 63,374

Rating: 4.8828454 out of 5

Keywords: one month, lean, lean startup, eric reis, 5 minutes, speed run, learning, online learning, startup, start-up, get lean, Evan Kimbrell, onemonth, funny, educational, education, lean startup definition

Id: X2YoHFuWkqs

Length: 4min 27sec (267 seconds)

Published: Thu Feb 11 2016