Finals_5 Flashcards
(30 cards)
A business methodology that helps entrepreneurs
develop and launch new products or businesses by
focusing on validated learning, experimentation, and
customer feedback
LEAN STARTUP
STRATEGY
Originates from the Toyota Production System (TPS)
developed by Taiichi Ohno and Shigeo Shingo in the
mid-20th century
LEAN
MANUFACTURING
Focus only on activities that add value to the
customer
ELIMINATING
WASTE
Make small, incremental improvements based on
feedback and performance
CONTINUOUR
IMPROVEMENT
(KAIZEN)
Produce only what is needed, when it is needed
JUST-IN-TIME
PRODUCTION
Identify and fix problems early to avoid costly
mistakes later
BUILD QUALITY IN
Focuses on testing business hypotheses through
direct customer feedback, building customer
products based on customer needs, and creating a
systematic process for discovering and validating
customers
CUSTOMER
DEVELOPMENT
A mentor to Eric Ries, introduced the concept of
Customer Development; The Four Steps to the
Epiphany (2005)
STEVE BANK
An alternative to the traditional “waterfall” approach;
develops products incrementally and iteratively,
responds quickly to changes and feedback, and
collaborating with customers and stakeholders during
development
AGILE
DEVELOPMENT
Argues that startups face unique challenges and need
to adopt flexible and innovative approaches
ENTREPRENEURIAL MANAGEMENT
Starts with a Minimum Viable Product (MVP)
BUILD-MEASURE-
LEARN CYCLE
Idea isn’t working = Pivot; Positive feedback =
Persevere
PIVOT OR
PERSEVERE
Tests hypotheses through real-world customer
interactions
VALIDATED
LEARNING
Act of believing or attempting something, the
outcome or existence of which cannot be proven or
known beforehand
LEAP OF FAITH
Meaning “go and see”, “go and look out for
yourself”
GENCHI GENBUTSU
Proof that something has been tried and works well
in the market
ANALOGS
Proof that something doesn’t work in the market
ANTILOGS
Version of product that enables a full turn of the
BUILD-MEASURE-LEARN loop with a minimum
amount of effort and the least amount of
development time
MINIMUM VIABLE
PRODUCT (MVP)
Proactive measures to eliminate or reduce the
likelihood of risks occurring
RISK PREVENTION
Transferring risks to third parties through insurance,
contracts, or outsourcing agreements
RISK TRANSFER
Implementing controls, safeguards, and contingency
plans
RISK REDUCTION
Focus on how to measure progress, how to set up
milestone and prioritize work
INNOVATION
ACCOUNTING
An experiment where different versions of the
product are offered to the client simultaneously
SPLIT TESTS
