"The fundamental activity of a startup is to turn ideas into products, measure how customers respond and then learn whether to pivot or persevere." —Eric Reis
"So, what separates successful startups from unsuccessful ones is not necessarily the fact that successful startups began with a better initial plan, but rather that they find a plan that works before running out of resources." —Ash Maurya
Ash Maurya is the Author of Running Lean, a Lean Series book in support of the Lean Startup Movement and the first comprehensive guidebook on how to execute a Lean Startup. Maurya's quote above eloquently describes what separates most successful startups from failed startups. To be a Lean Startup Investor it is important grasp the full meaning of what Maurya is saying and in doing so have some basis to understand how to accurately monitor, measure and even meaningfully contribute to your investment(s).
Step 2 is read Running Lean.
Maurya has broken his guide into three steps:
i.) Documenting Your Plan.
ii.) Identifying The Riskiest Parts Of Your Plan.
iii.)Systematically Test Your Plan.
The Lean Startup Investor's Methodology and guide closely revolve around concepts, learning's and guides in the Running Lean book and presumably the upcoming, ongoing Lean Series books. For this reason the next number of upcoming posts will summarize the most prevalent concepts in the Running Lean Book. While the upcoming summary is useful and a necessary step to establish some of the base fundamentals on top of which the Lean Startup Investor methodology and guide is built, I highly recommend taking the time to read and study the Running Lean book and the work of Ash Maurya.