I was thinking about my experiments with entrepreneurship the other day, and I realized that I have a lot of room to learn things. Books tell me it takes about five years for many businesses to shake out the bugs and settle down; even then, only about half of new ventures survive the first five years (according to US statistics). As a relentlessly optimistic person, I immediately read that as, “Cool! Half of new ventures succeed in surviving their first five years!”
Anyway. Five years is a long time. This is what five years looks like:
Five years is longer than my university degree. It’s longer than the time I worked at IBM. If I work hard and I work smart, I should be able to learn lots of things in five years.
Things I am curious about:
Five years should be a decent length for a self-made program. Maybe a Master of Business Awesomeness? Here we go. =)
Please feel free to share this! (Creative Commons Attribution Licence)
Eric Ries’ The Lean Startup book is popular, and for good reason. Ries shows people how to make the most of the Build-Measure-Learn loop whether they’re starting a snazzy technology company or creating an intrapreneurial venture within a corporation. Many people get hung up on the idea of launching with a big bang, but if you take this Lean Startup approach, you might learn a lot more by talking to actual customers and by experimenting with with your business. I particularly like the reminder to simulate technology with people first, as it can be tempting to procrastinate getting market feedback because your technology isn’t built yet. Do it by hand. Do it for one person at a time, if needed. There’s plenty to learn, and you don’t have to let development cycles slow you down.
Ries also emphasizes the importance of pivoting, which is what you do when you realize that your original business idea was off the mark. Pivoting is about listening to customers and growing into the business they want you to be, while taking advantage of the things you’ve learned in the past and the assets you’ve already built. Sometimes you should persevere instead of getting distracted by one or two stray opinions, but other times, you should listen to what people (and your experiments!) tell you.
Another key point in this book is that of accelerating this feedback loop. Get faster at building, measuring, and learning from the results. Orient your organization towards it. Practise relentless improvement until your build-measure-learn loop is fast and smooth. Then your company will be an incredible engine for learning!
Whom this book is great for: Starting a company? Read this book. You’ll get lots of tips from it, and you could save lots of time, money, and frustration along the way.
Interested in making things happen even within a large company? You might be able to use the build-measure-learn loop to make your day job even better, or to create scalable value outside your typical job responsibilities.
What I’m learning from this book: I’m using the concierge approach to help people with Quantified Awesome, because it’s fun building something that’s tailored to the way people work and what people want to measure. My goal is to get to the point where people are happy to pay $1-5 a month for tools to help them ask and answer questions about their life using data. I’m also going to work on using the build-measure-learn approach for entrepreneurship (a meta-experiment!), and using the minimum-viable-product approach to writing a book using LeanPub. Someday I might even use split-tests – or better yet, help businesses use them to set up experiments!
The Lean Startup
Eric Ries (2011: Crown Business)
Buy this book: Amazon.com (Hardcover, Kindle) Amazon.ca
If you buy stuff through the links above, I get a small commission, yay! I’d tell you it’s a good book even without the commission, so here are some other links: Google Books, Toronto Public Library (book, e-book)
What do you think of this format? Do you want more detail? Less detail? More drawings? More hand-writing? More stick figures? What other books would you like me to visually summarize? I’m near one of the world’s biggest library systems, and I love learning from and sharing good books.