Episode #7: The Lean Startup – The New Way to Build a Hyper-Growth Business

Episode Notes:

  • Hey there, I’m Matt Clark, and welcome to the “100 Books a Year” podcast.
  • In this episode we’re going to discuss “The Lean Startup” by Eric Ries (ree-es).
  • If you have not done so, please subscribe to the 100 Books a Year podcast  on iTunes or Stitcher to get all the episodes for FREE.
  • The book “The Lean Startup” became pretty popular in business in general and extremely popular in the tech and software business worlds.
  • I think I read this book years ago.
  • The first time I read it, I didn’t really get it to be honest. I didn’t see what the big deal was about the method in this book.
  • I read it this year and absolutely understood everything.
  • At Amazing.com, we’ve implemented something called “Agile”.
  • This actually came from Toyota’s lean manufacturing for cars – but is now more commonly associated with developing software.
  • Biggest companies on the planet use this to build great products – includes Facebook, Google, etc.
  • The goal is to produce incremental improvements in products versus spending months or years working on something only to find out you worked on the wrong thing.
      • Example: Government software projects that cost billions of dollars and are over-budget and over-time.
  • [Explain agile & scrum & how we use it in non-software]
  • So know that I have experience with all that, “The Lean Startup” made sense!
  • If you’re building a business, you should at least be using part of the process talked about in The Lean Startup.
  • Get constant customer feedback before and during the product development.
  • Even – or maybe especially – if you’re developing a physical product, you should get real feedback from real customers – put the product in front of them and see HOW they use it and what issues they have.
  • I believe there’s a revolution coming in consumer good because of this process – and things like 3D printing.
  • Now, like never before, GREAT products will be built with the individual consumer in mind.
  • Reason called “Lean Startup” is that you’re not going and building a massive team and big expenses before you launch…
      • You’re making sure customers actually want what you’re going to sell to them BEFORE you invest a bunch of money
      • Your probability of success goes up and your financial risk goes down.
      • It’s a much smarter way to build a business.

Closing:

  • If you got value from this episode and know someone else that would get value from it too, please share it with them.
  • Thanks for listening to the 100 Books a Year podcast. I’ll see you next time!

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