The Principles of Lean Startup: Customer Needs & Product Market Fit

Key insights

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  The reliance on business plans as a tool for startups may be controversial, as it suggests a lack of flexibility and adaptability in the face of uncertainty.
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  The only people in the 20th century to require a five-year plan were startups, highlighting the unique challenges they face.
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  "No business plan survived first contact with customers." - Steve Blank highlights the importance of customer feedback and the need for startups to adapt and iterate based on customer needs.
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  "Startups Are Not Smaller Versions of Large Companies" - a heretical idea 16 years ago, challenging the traditional belief that startups should follow the same model as large companies.
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  Startups don't execute known business models, they search for business models.
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  "The Lean Startup is a risk reduction methodology for early stage ventures, applicable not only to startups but also inside large companies and even the government."
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  "One of the things I've learned painfully is that as smart as you are, there is no way you're smarter than the collective intelligence of your potential customers and they don't exist inside your building, so therefore there are no facts inside your building so get the heck outside."
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  "Using agile engineering to build the product incrementally and iteratively, continually interacting with customers to understand whether you're on the right track."