Entrepreneurship as an academic discipline has been around for forty-five years, gaining traction in colleges and universities during the 1990s. Until 2003-2008 business planning was based on a written business plan (summary, description, opportunity, marketing, financials, funding request, and appendices). Then, Silicon Valley produced a new and better way to plan new ventures. Sometimes called lean startup, evidence-based entrepreneurship is founded on business model discovery using a one-page canvas created by Swiss consultants Osterwalder and Pigneur. The canvas allows entrepreneurs to search, find, and execute an idea for a product/service by using direct feedback from targeted customers who confirm what they want. Such validation considerably increases the chances for success.
Evidence-based entrepreneurship is a scientific approach to creating and managing startups. Simply stated it is validated learning. If startups invest their time into building products or services “iteratively” to meet the needs of early customers, they can reduce the market risks and sidestep the need for large amounts of initial project funding and product launch failures. Rapid iteration (repetition of a process) allows teams to discover a feasible path toward “product/market fit”. Lean startup enables entrepreneurs to efficiently build a startup by searching for a niche idea that fits a target customer rather than blindly trying to execute it. Evidence-based entrepreneurship has three components: one is business model design, two is customer development, and three is agile engineering. Together, these three components help startups become efficient, reducing the amount of time to get to the first product and reducing the amount of cash necessary to build it.
While the evidence-based or lean startup has become the most successful way to start a new business, most textbooks still don’t explain the subject. The majority of entrepreneurship training now uses this early validation of a product or service by an end user as an accepted practice. Surprisingly, there is no single resource to use as a reference to understanding the concept. As a result, we have put all the divergent paperback resources into this one book for easier understanding. After all, lean startup (evidenced-based entrepreneurship) is the most important change to creating a new business in fifty years. No longer does an entrepreneur have to struggle with time and money, only to fail post-launch. Using lean startup, or evidence-based entrepreneurship, anyone can become successfully self-employed. Building on the proven success from Silicon Valley, the book details the best way to launch a new venture today, using methods that are most current in entrepreneurship.
To download Understanding Lean Startup by Clint Day, go to Amazon.
Click here for additional books about evidence-based (aka smart or lean) entrepreneurship.
See Clint’s guest appearance on Voice of America.
Title: Understanding Lean Startup: Evidence-Based Entrepreneurship
Author: Clinton E. Day
Genre: Non-Fiction, Business
Formats: Paperback & eBook
Published by: BookLogix
ISBN: 9781610057776
Pub. Date: Aug. 1st, 2016
Number of pages: 121
Purchase at: Amazon.com, Amazon.co.uk, Barnes&Noble, Kobo and iTunes
Follow Clint’s blog to stay “Current in Entrepreneurship.”