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2012-07-20 00:00:00The Next MileEnglish Small Business Owners Should Read The Lean Startup

Why Small Business Owners Should Read The Lean Startup

2 min read

The Lean Startup by Eric Ries (co-founder of internet company IMVU) is being hailed as a ‘must-read’ by many, from established business scions to starters – for anyone who dreams of setting up his own venture or is at the helm of a small to medium enterprise. The book is fast becoming a business classic of 2011-2012 and has been recommended by people like Marc Andreessen (founder of Netscape) and Dustin Moskovitz (co-founder of Facebook). Eric Ries first coined a business approach by the same name (The Lean Startup) a few years back.

The approach aims at bringing a paradigm shift in the way companies are built and products are launched. The emphasis is on learning and scientific experimentation to shorten product development cycles, monitor progress, and gain valuable customer feedback. Through his book – The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses – Ries has succeeded in taking his philosophy beyond the boundaries of Silicon Valley, (where it was first conceived)to spread its wings throughout the world.

While in the beginning the lean start-up philosophy was primarily aimed at tech companies, its scope has now expanded to include individuals, teams, and companies looking to introduce new products or services into the market. Practically implementable solutions for enterprises are at the core of this book.

If you are an entrepreneur, it is especially relevant for you. Not only will it help you understand the demands of your customers, but it will also offer solutions for surviving the initial tough period (a usual pain-point for start-ups) without the need for big funding or expensive product launches. The primary challenge in establishing a start-up is usually the availability of capital.

Ries’ book talks about several options available for aspiring entrepreneurs. In fact, the way the book touches upon this and other pertinent aspects of starting an enterprise make it a beginner’s course in entrepreneurship of sorts! The book also delves into a variety of entrepreneurial situations from traditional, physical businesses to those that only existent on the web. In case you are looking at starting your own business, chances are you may find some very relevant solutions to your questions in Ries’ The Lean Startup.

Here are some aspects that may interest you:

1) It makes you sit up and realize that increasing innovation is lowering the cost of reaching our customers – in effect; it reduces any associated market risks.

2) The book talks about the need for testing all concepts against reality before implementation, in order to avoid failures.

3) It urges entrepreneurs to understand the metrics that drive their businesses.

4) To bring clarity to various concepts, The Lean Startup also makes ample use of relevant real-world examples and case studies. So, if you are a business owner, go The Lean Startup way. Don’t miss this one.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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