Wyndham Hotels & Resorts
Running Lean
Book

Running Lean

Iterate from Plan A to a Plan That Works

Ash Maurya
O'Reilly, 2012
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Editorial Rating

8

Qualities

  • Comprehensive
  • Applicable
  • Well Structured

Recommendation

Ash Maurya, an experienced and successful Lean entrepreneur and authority, wastes no time on theory or fluff. He plunges in with almost 200 pages of detailed instruction about how to use the “Lean Methodology” – a proven product development process – to guide your lean start-up. Though it assumes at least a passing familiarity with the Lean Movement, and focuses mostly on “solution”-type start-ups, getAbstract believes anyone interested in building a new business – especially part-time at first and with little money – will find this manual valuable.

Summary

Calculate Risk

Focus on the risks when you plan your new business. “Start-ups are risky business, and our real job as entrepreneurs is to systemically de-risk our start-ups over time.” Reduce your uncertainty by considering three types of risk and taking steps to address them:

  1. Avoid “product risk” – To find the right product to launch, take these steps: Make sure the product addresses a problem people care about; test a “Minimum Viable Product” (MVP); confirm your MVP through trials with a few real customers; and then, confirm your MVP again through trials with more real customers.
  2. Avoid “customer risk” – To find the right customers, take these actions: Define and find your “early adopters” – those who need your solution now. Determine the “channels” you’ll use to attract customers. Start with “outbound” channels, like paid advertising, and create “inbound” channels – free white papers, blogs, and the like.
  3. Avoid “market risk” – To develop a sustainable, profitable venture, get to know your competitors and gauge their fees to set your price. Test your prices in a pilot project: Listen to your ...

About the Author

Ash Maurya, a Lean model pioneer and authority, starts and sells businesses using Lean methods.

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