The message here is “stop wasting peoples time”, it is easy to say this but not easy is it in practice. Many aspiring entrepreneurs, while undergoing some venture, become personally attached to their ideas and this ultimately influences how they view it. It is healthy to take a step back and view your venture through an unbiased lens. This helps you to understand whether the venture is worth taking and whether the path you are going down is correct. You need to ask yourself, “why am I doing this and why would anyone be interested?”. It is important to not let your personal connection to your venture influence your decisions because many times they are unsubstantiated. This is just one of the many steps to growing as an entrepreneur and developing a healthy mindset.
I did a research last summer about lean enterprise, so I complete agree that waste people times, is the most important thing that many startups are failing. So before we run a startup we have to create something that fits in our goal and fits in the society goals too, we need to prepare everything before start the startup, listen the customers and the target public needs and with this create an startup that can run successful. I have ideas for startup and this video help me a lot, to understand why many startups failed and what I have to do to create a successful startup, very nice video!
The main point Eric Ries brings up is “stop wasting peoples time”. His idea is to stop putting effort, money and time into products or services that nobody wants. He then went on saying that the reason why most companies fail is because of this. It kind of felt like he was insinuating companies were intentionally making products that no one would like. He does make a good point though about doing your due diligence on going out and directly asking your target audience what they desire. On another note, he mentions in the video that he wasted time writing numerous amounts of code for a software product that ended up never being used because it was never downloaded. He then concluded that the reason was because nobody wanted it. I agree, to make consistent sales, you need to know what your audience actually wants and what will bring them value. Although, I think there are many more factors than simply having the right product. For instance, one factor could have been marketing and advertising. I am sure there are products and services out in the world that many people want but are unaware of their existence. Marketing and advertising is key in bringing about product awareness.
Watching this clip has thrown more light on my understanding of the mindset of entrepreneur, and I am glad I watched it. I was recently reading a book about human factor engineering which is also referred as “human science dealing with the application of information on physical, and psychological characteristics to the design of devices and systems for human use.” Watching this video and my reading on human factor engineering, I can certainly say that, as an entrepreneur without asking questions of how your product will change the market, how you will create values and how you will make your customers lives better as your startup goal as Eric mentioned, you will waste peoples time because no one wants your product. My take away from this video is entrepreneur should not only use their skill set but also their mindset which will lead them to the question Eric mentioned “Should we build a product” but not “can we build a product”, hence Stop Waiting People Time.
Eye-opening talk by Eric Ries; interesting to hear his take on 21st century entrepreneurship and why it's so vital to stay ahead of the curve. "Stop wasting people's time" was one of my favorite quotes from the lecture because one of the main flaws in entrepreneurs is that they believe every idea could have the potential to be the next big thing. But building the value of that idea and putting it into effect in order to improve people's lives or change the market is how ideas become reality. We shouldn't strive to create something that nobody wants but rather strive to gain the expertise to know what consumers desire.
I recently began learning about modern entrepreneurship and startups. I had some huge misconceptions about the construct of the industry and their primary motivations. After watching this presentation by Eric Ries on the concept of “the lean startup” I have established a new understanding of the value of the innovative mind. I fully believe in metric-driven analysis to ascertain and evaluate progress at intermediate steps throughout the design and implementation process. Before, I saw that strictly from the prospective of an engineering problem. Now, I see the big picture that the design process taught in my engineering classes extends to all aspects of a problem-driven design. I value the information presented in this video and hope to discuss this further along with other pertinent information as I prepare to pursue my career.
ASU Venture Devil here. "Stop wasting people's time", is a powerful statement that really applies. It strikes a chord that is almost hurtful to an entrepreneur because it is probably the most dreadful truth spoken both by producers and the inner conscience. I have seen and felt this on both sides of the statement. I wish Eric Ries would have elaborated a bit more on testing strategy, rather than just refer the audience to his blog. This is still a good introduction to the correct frame of thought to approach the venture. Once the ego has been defeated by both common sense and ridiculous circumstance enough times, the entrepreneur will naturally bend towards finding what works before prototyping. I am not sure if any beginner will really listen and practice the advice given here. Many will hear, but very few will listen. I was self critical, but had an agenda to fulfill. The basic numbers I gathered to judge whether a real estate venture were slightly off, but I pushed forward anyway. I assured myself that it was the best strategy available, I had to bite while I could, and though things might be tight for 6 months, I could maneuver to a better position later. WRONG. I ended up nearly a million $ in debt on that contract alone, and took a year of litigation after the market collapsed. My exit strategy was sound, but still painful. I would have been in the same place 5 years later if I had chosen to take a cruise and meet more girls instead. This undocumented education of business, contracts, law, and real estate was more expensive and painful than all my years in college.
After watched this video, I concluded Eric's general idea about entrepreneurship as well as lean startup. What Eric Ries's speech reminds me is that value our own abilities before we decide a way to make money, which I believe could be universal to every fields. According to Eric, "Don't waste people's time" is the major point, and in other words, there are many "garbage" wasting not only ours but also others time since that we are easily to make products which are meaningless, to most people, at least because of our overconfidence. I have a senior who was majoring in UCB's computer science but dropped his scholar to startup. Everyone believed that he could be successful, which he did in his first half year. However, another enterprise who has a large number of users released a similar but better version of his application. Now almost no good news can be heard from him. Thus, take an evaluation on ourselves is significant.
Venture Devil at ASU Skysong here. This problem has been all too common in my experience. I worked for several R&D projects led by some of the top engineers in various fields over the years. Their designs were genius, but almost none of these individuals saw fruits of their labor. For example, Frazer-Nash sent a start-up team to a facility at the Sky Harbor Airport in the late 1990s. Their job was to design, assemble, test, and sell a new electric work truck to the airport businesses. They quickly designed and built an excellent, balanced, durable, electric work truck. I was hired to do the testing and write a performance report on each modification. In two years, 2 trucks were well-built and tested. Nothing was sold, despite having a new fast charger system at the terminals that was compatible with their designs. Southwest Airlines even pledged to have an entirely electric airport operation, but never bought the Frazer-Nash truck. The engineers were sure about its usefulness, and were puzzled when the airport firms showed no interest. None of the engineers thought to ask the customer what they needed in an electric work vehicle before it was first built. After the second truck was tested, there wasn't money left in the project to even purchase materials for another prototype. Their team attorney knew codes and IP law, but wasn't a salesman. The CEO and billionaire-owner of Frazer-Nash told the dumbfounded team to do their best, and never returned their calls for help in the third year. I watched the group of geniuses sit in self-pity, wait for a phone call, try to invite buyers, and curse their situation as the lease expired along with their paychecks. I later spoke to the chief of operations for Southwest Airlines. He had been waiting for the Frazer-Nash team to send him a better design. I asked him what would have been ideal. He simply said that the work vehicles needed to closely match the design of their gas vehicles. The two electric trucks were neat, but the enclosed cab was too high in front to get to their luggage bays, and would hit the underbellies of some aircraft. Also, the electric trucks had a truck bed and no tow hitch. They needed the work vehicles to have a tow-hitch and be rated for pulling a road train. In the end, a salesman filled the Southwest Airlines goal by selling them overpriced GEM cars with a tow-hitch welded to the back.
This really makes sense to me. In my line of study as an aeronautical engineer, we are taught a rigid development process. You receive more funding for a project when you move to the next step in the development process. From the System Requirements review onto the Preliminary Design review and so on. While I understand that progress can be measured like this successfully when the solution is predetermined, it would be much more logical to employ this type of methodology prescribed by Eric Ries. Having a more flexible mindset during the development process would lead to a far more efficient iterative process, and in the long term create a far more valuable product.
Great talk by Eric Ries I liked his ideas about startup. The main idea that I got from his lecture is don't waste people's time. Also, there are three things we should focus about startup goal when produce a project or product, which are :1st how can the product change the market? 2nd how can we keep or raise the value? finally, how can we make our customers live better.On other hand, how can we apply our knowledge in different layers to reach market goal.
One of the arguments that struck me about this speech was that lean startups tend to be niche. Lean entrepreneurs refer to those who have a practice spirit, who focus on making the world a better place, who want to create lasting value and improve the lives of their customers, and yet it is these very entrepreneurs who are wasting people's time building something that nobody wants.This is the fundamental reason why many new enterprises full of dreams cannot survive.Entrepreneurship is not only the accumulation of ideal and enthusiasm, but also based on the concept of general management and marketing planning.So If you want to be a successful entrepreneur, it's not enough to have fanaticism and conviction, no one will buy you.In fact, this principle also applies to all stages of our life. Most of the time, we do not succeed by working hard, we succeed by thinking about how to work.
During the late 2000’s and early 2010’s at the dawn of Web 2.0, Eric Ries gave a talk about how a vast majority of the projected industry leaders before Web 2.0’s launch were no longer in existence during its actual post launch period. He attributed this to the fact that the services they were offering were seemingly redundant given the scale of Web 2.0, and concluded that these companies were simply wasting people’s time. However, wasting people’s time is a good indicator of how practical or impractical a company’s products or services are. If a company could identify based on market evidence that an upcoming product or service most likely won’t do well, then they may be able to “pivot” and change directions before any major loss of time or capital. The concept of pivoting could be an important tool for an entrepreneur to have since this foresight paired with action could potentially save a business venture.
Hugely impactful for this entrepreneur. I've been believing some of the myths you talked about and this has given me a new way to think about my start up. THANKS!!! I look forward to reading your book and connecting with you at some stage of my venture :)
This video made me think a lot about today's startup boom. It's a good thing to start a business like high tech startup either in the point of view of the market or personal. More startups would have a great chance to boost market vitality, thus, increase more jobs. On the personal front, it may exercise one's abilities such as independent thinking ability, independent research ability in a certain project, communication ability, ability to adapt and the team cooperation ability. On the other hand, startups is an investment behavior, and any investment has its opportunities and risks coexist. One must think twice before starting a new startup. Firstly, the goal must be clear doesn't matter if one wants to make more money, tired of the nine-to-five job and wants to try something new, or just follows the trend of others. Secondly, one must be aware of the risk of failure. Questions such as if there is enough financial backing or where can I get it for running the business, and if the startup idea is one kind of valuable information. So, to start a startup is a thing that must be taken into serious consideration.
ASU Venture Devil here. Working on our MVP through experimentation has been a challenge because our business model targets consumer not online yet, and in remote locations. However, in working with veteran ventures, some unforeseen channels have come to light. Our first communities we will strive to penetrate will be HUD Colonias in the southwest border states. The end users may not be online, so it would first appear that the lean startup MVP attempts would not apply; that we have no alternative to diving full force into production and distribution and waiting to see if it works. But, this is not true. There are directors of HUD programs, Dept. of Education programs, and district representatives that all have online profiles on linked in, and that would research our presentation through Facebook and websites. This is as good as any lean startup experiment and will be the next pursuit of our young venture.
Watching the following video can open your eyes to the simple truth behind entrepreneurship and the concept of the lean startup. Eric Ries discusses how to efficiently go about the process of the lean startup, and repeatedly tells us to “stop wasting people’s time”. This is achieved by looking at the bigger picture before getting caught up in your own vision of how your product will turn out and how you want to go about perfecting it. The first question to ask is “Do people want this product?”. Eric Ries learns this the hard way when his 6 months of hard work leave him with the same result (no demand for his product) as if he were to briefly survey people about whether or not they would use the product he is making. He illustrates the process of creating a new product and refining it in his Build-Measure-Learn Feedback Loop. He explains how it is best to start not in the Ideas phase, but in the Learn phase. Before putting your ideas into action, it would be best to learn whether or not your idea (your product or service) even has a demand. When caught up in our own innovative visions, it is easy to lose sight of reality and simply assume that your product will be a success. By learning about your audience before taking action, you can avoid wasting people’s time (and save money). A simple way to determine if the startup is on the right track is to check if you can minimize total time between pivots (cycles of the diagram) with whatever change you are looking to make to your product/service. If not, then you need to re-evaluate your ideas to increase efficiency, and once again, to “stop wasting people’s time”. I was clueless about everything to do with entrepreneurship and the concept of the lean startup before I watched this video, but now I feel as if I have learned that the secret to success is to simply identify your audience, ask for their opinions, work on the product, ask for more opinions, make improvements on product, and continue going through this cycle until you have a product that you know your audience will purchase. Also, the mentality of asking for feedback of potential customers in smaller increments rather than larger ones (thus lowering time between cycle of the Feedback Loop) serves to minimize the time and money wasted on ideas or changes that people don’t want. I am very excited to learn more about putting these ideas into action and how to expand upon them this semester.
I think this video is very helpful, and widen my vision of how to design products more useful. I understand when we design a product, we want to improve it. However, we can not only think about one way to reach it. We need to engage customers and do market research to know what do customers and market need. In traditional design way, in many times we built things no one need. We think they need this kind products and didn’t get information from the market. Then we waste time and money. In the Entrepreneurial, market demand is the first thing we need to reach. Because in most of the time we only have limited resource, and we want controlling cost to make the products affordable. Therefore, our goal is making a good product with good cost-performance rather than making perfect goods but no one wants or can buy it. And I also understand when designing a product, we want to have enough information to know the most important requirement, the second important requirement, the third… Then spend most resource like time and money to improve the first one, then second… This will make the product to be popular. In the most area, to be an engineer is not to making Alien tech, but making products are affordable, reliable, easy to use, and nice performance.
I don't know who Eric Ries is, but I must tell him: Please stop wasting people's time". I listened to the video all the way through and honestly it was a waste of my time. For one Eric apparently speaks for the people, and second without those failed startups and failed products, there wouldn't be successful solutions. "What if we don't what the product is" ???? What??? What sort of an assumption is that so you make your point.. Ridiculous.... Please stop wasting people's time.
Eye-opening talk by Eric Ries; interesting to hear his take on 21st century entrepreneurship and why it's so vital to stay ahead of the curve. "Stop wasting people's time" was one of my favorite quotes from the lecture because one of the main flaws in entrepreneurs is that they believe every idea could have the potential to be the next big thing. But building the value of that idea and putting it into effect in order to improve people's lives or change the market is how ideas become reality. We shouldn't strive to create something that nobody wants but rather strive to gain the expertise to know what consumers desire.
![[LIVE] : ONE ลุมพินี 79 | คู่เอก "ก้องชัย vs อาเมียร์"](http://i.ytimg.com/vi/WfPSA1A0NHc/mqdefault.jpg)
The message here is “stop wasting peoples time”, it is easy to say this but not easy is it in practice. Many aspiring entrepreneurs, while undergoing some venture, become personally attached to their ideas and this ultimately influences how they view it. It is healthy to take a step back and view your venture through an unbiased lens. This helps you to understand whether the venture is worth taking and whether the path you are going down is correct. You need to ask yourself, “why am I doing this and why would anyone be interested?”. It is important to not let your personal connection to your venture influence your decisions because many times they are unsubstantiated. This is just one of the many steps to growing as an entrepreneur and developing a healthy mindset.
I did a research last summer about lean enterprise, so I complete agree that waste people times, is the most important thing that many startups are failing. So before we run a startup we have to create something that fits in our goal and fits in the society goals too, we need to prepare everything before start the startup, listen the customers and the target public needs and with this create an startup that can run successful. I have ideas for startup and this video help me a lot, to understand why many startups failed and what I have to do to create a successful startup, very nice video!
The main point Eric Ries brings up is “stop wasting peoples time”. His idea is to stop putting effort, money and time into products or services that nobody wants. He then went on saying that the reason why most companies fail is because of this. It kind of felt like he was insinuating companies were intentionally making products that no one would like. He does make a good point though about doing your due diligence on going out and directly asking your target audience what they desire.
On another note, he mentions in the video that he wasted time writing numerous amounts of code for a software product that ended up never being used because it was never downloaded. He then concluded that the reason was because nobody wanted it. I agree, to make consistent sales, you need to know what your audience actually wants and what will bring them value. Although, I think there are many more factors than simply having the right product. For instance, one factor could have been marketing and advertising. I am sure there are products and services out in the world that many people want but are unaware of their existence. Marketing and advertising is key in bringing about product awareness.
Watching this clip has thrown more light on my understanding of the mindset of entrepreneur, and I am glad I watched it. I was recently reading a book about human factor engineering which is also referred as “human science dealing with the application of information on physical, and psychological characteristics to the design of devices and systems for human use.” Watching this video and my reading on human factor engineering, I can certainly say that, as an entrepreneur without asking questions of how your product will change the market, how you will create values and how you will make your customers lives better as your startup goal as Eric mentioned, you will waste peoples time because no one wants your product. My take away from this video is entrepreneur should not only use their skill set but also their mindset which will lead them to the question Eric mentioned “Should we build a product” but not “can we build a product”, hence Stop Waiting People Time.
Eye-opening talk by Eric Ries; interesting to hear his take on 21st century entrepreneurship and why it's so vital to stay ahead of the curve. "Stop wasting people's time" was one of my favorite quotes from the lecture because one of the main flaws in entrepreneurs is that they believe every idea could have the potential to be the next big thing. But building the value of that idea and putting it into effect in order to improve people's lives or change the market is how ideas become reality. We shouldn't strive to create something that nobody wants but rather strive to gain the expertise to know what consumers desire.
I recently began learning about modern entrepreneurship and startups. I had some huge misconceptions about the construct of the industry and their primary motivations. After watching this presentation by Eric Ries on the concept of “the lean startup” I have established a new understanding of the value of the innovative mind. I fully believe in metric-driven analysis to ascertain and evaluate progress at intermediate steps throughout the design and implementation process. Before, I saw that strictly from the prospective of an engineering problem. Now, I see the big picture that the design process taught in my engineering classes extends to all aspects of a problem-driven design. I value the information presented in this video and hope to discuss this further along with other pertinent information as I prepare to pursue my career.
ASU Venture Devil here. "Stop wasting people's time", is a powerful statement that really applies. It strikes a chord that is almost hurtful to an entrepreneur because it is probably the most dreadful truth spoken both by producers and the inner conscience. I have seen and felt this on both sides of the statement. I wish Eric Ries would have elaborated a bit more on testing strategy, rather than just refer the audience to his blog. This is still a good introduction to the correct frame of thought to approach the venture. Once the ego has been defeated by both common sense and ridiculous circumstance enough times, the entrepreneur will naturally bend towards finding what works before prototyping. I am not sure if any beginner will really listen and practice the advice given here. Many will hear, but very few will listen. I was self critical, but had an agenda to fulfill. The basic numbers I gathered to judge whether a real estate venture were slightly off, but I pushed forward anyway. I assured myself that it was the best strategy available, I had to bite while I could, and though things might be tight for 6 months, I could maneuver to a better position later. WRONG. I ended up nearly a million $ in debt on that contract alone, and took a year of litigation after the market collapsed. My exit strategy was sound, but still painful. I would have been in the same place 5 years later if I had chosen to take a cruise and meet more girls instead. This undocumented education of business, contracts, law, and real estate was more expensive and painful than all my years in college.
After watched this video, I concluded Eric's general idea about entrepreneurship as well as lean startup. What Eric Ries's speech reminds me is that value our own abilities before we decide a way to make money, which I believe could be universal to every fields. According to Eric, "Don't waste people's time" is the major point, and in other words, there are many "garbage" wasting not only ours but also others time since that we are easily to make products which are meaningless, to most people, at least because of our overconfidence. I have a senior who was majoring in UCB's computer science but dropped his scholar to startup. Everyone believed that he could be successful, which he did in his first half year. However, another enterprise who has a large number of users released a similar but better version of his application. Now almost no good news can be heard from him. Thus, take an evaluation on ourselves is significant.
Venture Devil at ASU Skysong here. This problem has been all too common in my experience. I worked for several R&D projects led by some of the top engineers in various fields over the years. Their designs were genius, but almost none of these individuals saw fruits of their labor. For example, Frazer-Nash sent a start-up team to a facility at the Sky Harbor Airport in the late 1990s. Their job was to design, assemble, test, and sell a new electric work truck to the airport businesses. They quickly designed and built an excellent, balanced, durable, electric work truck. I was hired to do the testing and write a performance report on each modification. In two years, 2 trucks were well-built and tested. Nothing was sold, despite having a new fast charger system at the terminals that was compatible with their designs. Southwest Airlines even pledged to have an entirely electric airport operation, but never bought the Frazer-Nash truck. The engineers were sure about its usefulness, and were puzzled when the airport firms showed no interest. None of the engineers thought to ask the customer what they needed in an electric work vehicle before it was first built. After the second truck was tested, there wasn't money left in the project to even purchase materials for another prototype. Their team attorney knew codes and IP law, but wasn't a salesman. The CEO and billionaire-owner of Frazer-Nash told the dumbfounded team to do their best, and never returned their calls for help in the third year. I watched the group of geniuses sit in self-pity, wait for a phone call, try to invite buyers, and curse their situation as the lease expired along with their paychecks.
I later spoke to the chief of operations for Southwest Airlines. He had been waiting for the Frazer-Nash team to send him a better design. I asked him what would have been ideal. He simply said that the work vehicles needed to closely match the design of their gas vehicles. The two electric trucks were neat, but the enclosed cab was too high in front to get to their luggage bays, and would hit the underbellies of some aircraft. Also, the electric trucks had a truck bed and no tow hitch. They needed the work vehicles to have a tow-hitch and be rated for pulling a road train. In the end, a salesman filled the Southwest Airlines goal by selling them overpriced GEM cars with a tow-hitch welded to the back.
This really makes sense to me. In my line of study as an aeronautical engineer, we are taught a rigid development process. You receive more funding for a project when you move to the next step in the development process. From the System Requirements review onto the Preliminary Design review and so on. While I understand that progress can be measured like this successfully when the solution is predetermined, it would be much more logical to employ this type of methodology prescribed by Eric Ries. Having a more flexible mindset during the development process would lead to a far more efficient iterative process, and in the long term create a far more valuable product.
Great talk by Eric Ries I liked his ideas about startup. The main idea that I got from his lecture is don't waste people's time.
Also, there are three things we should focus about startup goal when produce a project or product, which are :1st how can the product change the market? 2nd how can we keep or raise the value? finally, how can we make our customers live better.On other hand, how can we apply our knowledge in different layers to reach market goal.
One of the arguments that struck me about this speech was that lean startups tend to be niche. Lean entrepreneurs refer to those who have a practice spirit, who focus on making the world a better place, who want to create lasting value and improve the lives of their customers, and yet it is these very entrepreneurs who are wasting people's time building something that nobody wants.This is the fundamental reason why many new enterprises full of dreams cannot survive.Entrepreneurship is not only the accumulation of ideal and enthusiasm, but also based on the concept of general management and marketing planning.So If you want to be a successful entrepreneur, it's not enough to have fanaticism and conviction, no one will buy you.In fact, this principle also applies to all stages of our life. Most of the time, we do not succeed by working hard, we succeed by thinking about how to work.
Great job Eric. Applies to most industries and facets of business.
Fantastic summary of the value of Lean.
Eric is on fire! Nice presentation Eric. You are the man.
During the late 2000’s and early 2010’s at the dawn of Web 2.0, Eric Ries gave a talk about how a vast majority of the projected industry leaders before Web 2.0’s launch were no longer in existence during its actual post launch period. He attributed this to the fact that the services they were offering were seemingly redundant given the scale of Web 2.0, and concluded that these companies were simply wasting people’s time. However, wasting people’s time is a good indicator of how practical or impractical a company’s products or services are. If a company could identify based on market evidence that an upcoming product or service most likely won’t do well, then they may be able to “pivot” and change directions before any major loss of time or capital. The concept of pivoting could be an important tool for an entrepreneur to have since this foresight paired with action could potentially save a business venture.
Hugely impactful for this entrepreneur. I've been believing some of the myths you talked about and this has given me a new way to think about my start up. THANKS!!! I look forward to reading your book and connecting with you at some stage of my venture :)
This video made me think a lot about today's startup boom. It's a good thing to start a business like high tech startup either in the point of view of the market or personal. More startups would have a great chance to boost market vitality, thus, increase more jobs. On the personal front, it may exercise one's abilities such as independent thinking ability, independent research ability in a certain project, communication ability, ability to adapt and the team cooperation ability. On the other hand, startups is an investment behavior, and any investment has its opportunities and risks coexist. One must think twice before starting a new startup. Firstly, the goal must be clear doesn't matter if one wants to make more money, tired of the nine-to-five job and wants to try something new, or just follows the trend of others. Secondly, one must be aware of the risk of failure. Questions such as if there is enough financial backing or where can I get it for running the business, and if the startup idea is one kind of valuable information. So, to start a startup is a thing that must be taken into serious consideration.
ASU Venture Devil here. Working on our MVP through experimentation has been a challenge because our business model targets consumer not online yet, and in remote locations. However, in working with veteran ventures, some unforeseen channels have come to light. Our first communities we will strive to penetrate will be HUD Colonias in the southwest border states. The end users may not be online, so it would first appear that the lean startup MVP attempts would not apply; that we have no alternative to diving full force into production and distribution and waiting to see if it works. But, this is not true. There are directors of HUD programs, Dept. of Education programs, and district representatives that all have online profiles on linked in, and that would research our presentation through Facebook and websites. This is as good as any lean startup experiment and will be the next pursuit of our young venture.
Thanks Eric!!
Watching the following video can open your eyes to the simple truth behind entrepreneurship and the concept of the lean startup. Eric Ries discusses how to efficiently go about the process of the lean startup, and repeatedly tells us to “stop wasting people’s time”. This is achieved by looking at the bigger picture before getting caught up in your own vision of how your product will turn out and how you want to go about perfecting it. The first question to ask is “Do people want this product?”. Eric Ries learns this the hard way when his 6 months of hard work leave him with the same result (no demand for his product) as if he were to briefly survey people about whether or not they would use the product he is making. He illustrates the process of creating a new product and refining it in his Build-Measure-Learn Feedback Loop. He explains how it is best to start not in the Ideas phase, but in the Learn phase. Before putting your ideas into action, it would be best to learn whether or not your idea (your product or service) even has a demand. When caught up in our own innovative visions, it is easy to lose sight of reality and simply assume that your product will be a success. By learning about your audience before taking action, you can avoid wasting people’s time (and save money). A simple way to determine if the startup is on the right track is to check if you can minimize total time between pivots (cycles of the diagram) with whatever change you are looking to make to your product/service. If not, then you need to re-evaluate your ideas to increase efficiency, and once again, to “stop wasting people’s time”. I was clueless about everything to do with entrepreneurship and the concept of the lean startup before I watched this video, but now I feel as if I have learned that the secret to success is to simply identify your audience, ask for their opinions, work on the product, ask for more opinions, make improvements on product, and continue going through this cycle until you have a product that you know your audience will purchase. Also, the mentality of asking for feedback of potential customers in smaller increments rather than larger ones (thus lowering time between cycle of the Feedback Loop) serves to minimize the time and money wasted on ideas or changes that people don’t want. I am very excited to learn more about putting these ideas into action and how to expand upon them this semester.
being a entrepreneur is a great way to make money people NEED to stop saying that it is not
I think this video is very helpful, and widen my vision of how to design products more useful. I understand when we design a product, we want to improve it. However, we can not only think about one way to reach it. We need to engage customers and do market research to know what do customers and market need. In traditional design way, in many times we built things no one need. We think they need this kind products and didn’t get information from the market. Then we waste time and money.
In the Entrepreneurial, market demand is the first thing we need to reach. Because in most of the time we only have limited resource, and we want controlling cost to make the products affordable. Therefore, our goal is making a good product with good cost-performance rather than making perfect goods but no one wants or can buy it.
And I also understand when designing a product, we want to have enough information to know the most important requirement, the second important requirement, the third… Then spend most resource like time and money to improve the first one, then second… This will make the product to be popular. In the most area, to be an engineer is not to making Alien tech, but making products are affordable, reliable, easy to use, and nice performance.
those 6 persons who disliked the talk , i believe they haven't read the book(Lean Startup by Eric Ries).
Thank you
Hey Ahmad, do you recommend the book?
Good summary,
@MrKnnknn If profit is the main goal it is a valid question that will never have an accurate answer in some instances.
@transistor311thanks, mate! reeeeal thanks! i now am unable to watch the video because I'm looking at those tiny hands all the time :)
you know what they say about tiny hands.... small gloves.
@shariefmanjur nah your just reaching
he has some tiny hands
I don't know who Eric Ries is, but I must tell him: Please stop wasting people's time". I listened to the video all the way through and honestly it was a waste of my time. For one Eric apparently speaks for the people, and second without those failed startups and failed products, there wouldn't be successful solutions.
"What if we don't what the product is" ???? What??? What sort of an assumption is that so you make your point.. Ridiculous.... Please stop wasting people's time.
Eye-opening talk by Eric Ries; interesting to hear his take on 21st century entrepreneurship and why it's so vital to stay ahead of the curve. "Stop wasting people's time" was one of my favorite quotes from the lecture because one of the main flaws in entrepreneurs is that they believe every idea could have the potential to be the next big thing. But building the value of that idea and putting it into effect in order to improve people's lives or change the market is how ideas become reality. We shouldn't strive to create something that nobody wants but rather strive to gain the expertise to know what consumers desire.