Better To Have Bad News That's True

A Startup Is A Human Institution Designed To Deliver A New Product Or Service Under Conditions Of Extreme Uncertainty.

Learning To See Waste And Systematically Eliminate It Has Allowed Lean Companies Such As Toyota To Dominate Entire Industries. Lean Thinking Defines Value As 'providing Benefit To The Customer'; Anything Else Is Waste.

I Would Say, As An Entrepreneur Everything You Do - Every Action You Take In Product Development, In Marketing, Every Conversation You Have, Everything You Do - Is An Experiment. If You Can Conceptualize Your Work Not As Building Features, Not As Launching Campaigns, But As Running Experiments, You Can Get Radically More Done With Less Effort.

At Imvu, The Cost Of Customer Acquisition Through Our Five-dollar-a-day Adwords Campaign Was Less Than Twenty-five Cents. Our Revenue From Those Same Customers Was More Than A Dollar.

The Lesson Of The Mvp Is That Any Additional Work Beyond What Was Required To Start Learning Is Waste, No Matter How Important It Might Have Seemed At The Time.