Lean start-up

1. Successful entrepeneurs improve their ideas as they continually learn from costumers

2. Important aspects

2.1. Business plans rarely survives first contact with customers

2.2. While existing companies execute a business model start-ups look for one.

3. Main steps

3.1. Looking for frequent customer feedback

3.2. Showing "minimum viable products"

3.3. Testing hyphotesis,

4. Definition

4.1. A temporary organization designed to search for a repeatable and scalable business model

5. Key principles

5.1. Summarize their hyphoteses in a framework called business canvas model

5.1.1. This is a diagram of how a company creates value for itself and its costumers

5.2. Use a "get out of the building" approach called costumer development to test their hyphoteses

5.2.1. They ask costumers  for feedback about pricing, distribution channels, and affordable costumers acquisition strategies

5.3. Agile development

5.3.1. Eliminates wasted time and resources by developing the product iteratively

6. Strategy

6.1. Business model, hyphoteses driven

7. New-product process

7.1. Costumer development, test hyphoteses

8. Engineering

8.1. Agile development, build the product iteratively and incrementally

9. Organization

9.1. Hire for learning, nimbleness and spedd

10. Financial reporting

10.1. Metrics that matter: lifetime costumer value, churn, viralness

11. Failure

11.1. Expected, fix by iterating on ideas, and pivoting away from ones that don't work

12. Speed

12.1. Rapid, operates on good- enough data