This chapter sees Eric talking to his experience and how the Lean Start Up came about, driven by the desire of building a sustainable business rather than another start up that fails. He then outlines the principles of the Lean Start up Method:
- Entrepreneurs are everywhere – Lean Start up approach can work in any size company, even a large enterprise, in any sector or industry.
- Entrepreneurship is management – Start up is an institution and it requires a new kind of management specifically geared to its context of extreme uncertainty.
- Validated learning – Learning which is validated scientifically by running frequent experiments allowing you to test each element.
- Build-Measure-Learn – The fundamental activity of a start up is to turn ideas into product, measure how customers respond, and then learn whether to pivot or persevere.
- Innovation accounting – Need to focus on the boring stuff: how to measure progress, how to set up milestones, and how to prioritise work.