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Eric Ries

Eric Ries Books

Entrepreneur

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“Visionaries are especially afraid of a false negative: that customers will reject a flawed MVP that is too small or too limited. […] The solution to this dilemma is a commitment to iteration. You have to commit to a locked-in agreement—ahead of time—that no matter what comes of testing the MVP, you will not give up hope. Successful entrepreneurs do not give up at the first sign of trouble, nor do they persevere the plan right into the ground. Instead, they process a unique combination of perseverance and flexibility.”

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Book:The Lean Startup
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“Principle five behind the Startup Way philosophy is continuous transformation: All of this requires the development of a new organizational capability: the ability to rewrite the organization's DNA in response to new and diverse challenges. It would be a shame to transform only once. When a company has figured out how to transform, it can - and should - be prepared to do it many more times in the future.”

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“Customers don't know what they want. There's plenty of good psychology research that shows that people are not able to accurately predict how they would behave in the future. So asking them, 'Would you buy my product if it had these three features?' or 'How would you react if we changed our product this way?' is a waste of time. They don't know.”

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“Products a start-up builds are really experiments…Learning about how to build a sustainable business is the outcome of those experiments [which follow] a three-step process: Build, measure, learn.” “[A startup is] … an organization dedicated to creating something new under conditions of extreme uncertainty.”

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“Here in Silicon Valley, I have taken part in hundreds of conversations trying to convince people to dive in and become entrepreneurs. All too often, innovators with good, safe, jobs are unwilling to put their family's access to health care at risk by walking away from company-backed medical insurance.”

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“The goal of a startup is to figure out the right thing to build-the thing customers want and will pay for-as quickly as possible. In other words, the Lean Startup is a new way of looking at the development of innovative new products that emphasizes fast iteration and customer insight, a huge vision, and great ambition, all at the same time.”

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Book:The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
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“There is no greater country on Earth for entrepreneurship than America. In every category, from the high-tech world of Silicon Valley, where I live, to University R&D labs, to countless Main Street small business owners, Americans are taking risks, embracing new ideas and - most importantly - creating jobs.”

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“Start-up success is not a consequence of good genes or being in the right place at the right time. Success can be engineered by following the right process, which means it can be learned, which means it can be taught.”

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Book:The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
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“In my first start-up, I had an initial advertising budget of $5 per day total. That would buy us 100 clicks per day. At $5 per day, marketing people scoffed and said that is too small to matter. But if you think about it, to an engineer, 100 real humans everyday giving your product a try means you can really start improving.”

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“The mistake isn't releasing something bad. The mistake is to launch it and get PR people involved. You don't want people to start amping up expectations for an early version of your product. The best entrepreneurship happens in low-stakes environments where no one is paying attention, like Mark Zuckerberg's dorm room at Harvard.”

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“I asked all of our recruiters to give me all resumes of prospective employees with their name, gender, place of origin, and age blacked out. This simple change shocked me, because I found myself interviewing different-looking candidates - even though I was 100% convinced that I was not being biased in my resume selection process.”

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“Nowadays people talk about PayPal's founders as prescient geniuses who would inevitably change the world. It was, however, not so obvious that PayPal would taste its first major success by helping people sell Beanie Babies on eBay. But they had a vision, a hope, and the perseverance to try multiple iterations until they got it right.”

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“The attributes for entrepreneurs cut both ways. You need the ability to ignore inconvenient facts and see the world as it should be and not as it is. This inspires people to take huge leaps of faith. But this blindness to facts can be a liability, too. The characteristics that help entrepreneurs succeed can also lead to their failure.”

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“There is much that public policy can do to support American entrepreneurs. Health insurance reform will make it easier for entrepreneurs to take a chance on a new business without putting their family's health at risk. Tort reform will make it easier to take prudent risks on new products in a number of sectors.”

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“There was a study done in the early 20th century of all the entrepreneurs who entered the automobile industry around the same time as Henry Ford; there were something like 500 automotive companies that got funded, had the internal combustion engine, had the technology, and had the vision. Sixty percent of them folded within a couple of years.”

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“If the plan is to see what happens, a team is guaranteed to succeed - at seeing what happens - but won't necessarily gain validated learning - If you cannot fail, you cannot learn.”

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Book:The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
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“As you consider building your own minimum viable product, let this simple rule suffice: remove any feature, process, or effort that does not contribute directly to the learning you seek.”

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Book:The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
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