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What differentiates the success stories from the failures is that the successful entrepreneurs had the foresight, the ability, and the tools to discover which parts of their plans were working brilliantly and which were misguided, and adapt their strategies accordingly.

Eric Ries

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Eric Ries
Age: 45
Born: 1979
Born: September 22
Author
Entrepreneur
Writer
Stories
Discover
Strategies
Parts
Misguided
Tools
Accordingly
Plans
Entrepreneurs
Successful
Adapt
Differentiates
Working
Failures
Brilliantly
Ability
Entrepreneur
Differentiate
Success
Strategy
Foresight

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New Customers come from the action of past customers
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If your goal is to make money, becoming an entrepreneur is a sucker's bet. Sure, some entrepreneurs make a lot of money, but if you calculate the amount of stress-inducing work and time it takes and multiply that by the low likelihood of success and eventual payoff, it is not a great way to get rich.
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In the old economy, it was all about having the answers. But in today’s dynamic, lean economy, it’s more about asking the right questions. A More Beautiful Question is about figuring out how to ask, and answer, the questions that can lead to new opportunities and growth.
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I would say, as an entrepreneur everything you do - every action you take in product development, in marketing, every conversation you have, everything you do - is an experiment. If you can conceptualize your work not as building features, not as launching campaigns, but as running experiments, you can get radically more done with less effort.
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Sustainable growth is characterized by one simple rule: New customers come from the actions of past customers.
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Start-up success is not a consequence of good genes or being in the right place at the right time. Success can be engineered by following the right process, which means it can be learned, which means it can be taught.
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Entrepreneurs always pitch their idea as 'the X of Y,' so this is going to be 'the Microsoft of food.' And yet disruptive innovations usually don't have that character. Most of the time, if something seems like a good idea, it probably isn't.
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A pivot is a change in strategy without a change in vision.
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This is one of the most important lessons of the scientific method: if you cannot fail, you cannot learn.
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Products a start-up builds are really experiments…Learning about how to build a sustainable business is the outcome of those experiments [which follow] a three-step process: Build, measure, learn.” “[A startup is] … an organization dedicated to creating something new under conditions of extreme uncertainty.
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It doesn't matter if you call it a boom or a bubble. The startup business moves in cycles, and what goes up will eventually come down.
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If you cannot fail, you cannot learn.
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The only person who can put you out of business, in the early days, is yourself.
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The only way to win is to learn faster than anyone else.
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Don’t be in a rush to get big. Be in a rush to have a great product.
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Innovation is a bottoms-up, decentralized, and unpredictable thing, but that doesn’t mean it cannot be managed.
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If you don't know who your customer is, you don't know what quality is.
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A head start is rarely large enough to matter, and time spent in stealth mode-away from customers-is unlikely to provide a head start. The only way to win is to learn faster than anyone else.
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As an entrepreneur, I knew that if my company failed, I could always try again. So I often felt that the only real risk of true financial ruin came from the possibility of a serious illness that either exceeded my insurance plans lifetime limits, or was not covered due to rescission.
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Vanity metrics are the numbers you want to publish on TechCrunch to make your competitors feel bad.
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