by Eric Ries
5*/10
Key Idea:
Build-Measure-Learn Cycle – build a minimum viable product (MVP) -> measure performance -> learn from data and feedback.
Other interesting notes:
Any action that does not help learning about what is valuable for customers is a waste.
Focus on early adopters – forgiving of mistakes and eager to give feedback.
Customers do not tell us what they want. They reveal the truth through action or inaction.
A/B test
Improve product until customer sends a clear signal that the product works (product-market fit).
Focus on 1 engine of growth – sticky (customer acquisition rate > churn), viral (high viral coefficient), paid (Cost per Acquisition < Life-time value).
If not improving fast enough, consider pivot.
Thoughts on the book:
* Scientific method applied to startups. Great idea, could be a blog post.
Leo :) 