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Recommended by Manav Mehra Sirisha Bhamidipati
1. Early Management:
Even though startups are prone to uncertainty the most, it is crucial for them to focus on the management of duties. Management should closely focus on inspection and adaptation in line with a set vision.
2. Establish Vision:
The most critical role of leadership should be to first define a strong vision and then build an environment that encourages entrepreneurship/experimentation.
The best way a lean startup can measure progress is by using validated learning. Treat every choice and every decision as a form of experiment.
Without this, it is impossible to validate anything. The goal should be to maximize learning through validation and rapid build-measure cycles.
5. Leap of faith:
Prudently identify any leap of faith assumptions that are crucial to success. Test the key assumptions to determine the growth factors that will support the strategy.
Focus on producing MVPs even if they are not functional. Anything that facilitates a faster build-measure-cycle for validation is crucial.
7. Measure and Analyze:
Build a system of metrics of measurement that is actionable, accessible that will help test assumptions.
It is important to determine when to pivot. Any pivot should be considered a new assumption and must be rapidly tested and validated.
9. Adapt and Innovate:
Form a system that regularly inspects and that can adapt swiftly. A balance between speed and quality is key. To effectively innovate, create innovation teams within the framework which have sufficient independence and resources.
Five key principles for a lean startup:
1. Entrepreneurs Exist Everywhere-
The entrepreneurial spirit is not only reserved for startups. It can be found in small businesses, as well as large companies. Whether it is a new company or an established one.
2. Entrepreneurship is Management-
Being an entrepreneur is very different from being a manager. But entrepreneurship involves management. A startup is an organization that needs to be managed.
Create a product that people desire. Startups by their very essence create something unique. Learn the importance of getting that product into the market, observing how people respond, and discovering what works and what doesn't.
4. Validated Learning-
Learn how to decide what feedback is concrete before applying it to product design or a change in strategy.
5. Innovation Accounting-
Entrepreneurs should be accountable for their outcomes throughout the startup process. Using checkpoints or milestones to measure results.
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