60. Build. Measure. Learn, w/Eric Ries of The Lean Startup and the LTSE

Masters of Scale

WaitWhat

Entrepreneurship, Business, Management, Reid Hoffman, Mindset, Diversity & Inclusion, Jeff Berman, Bob Safian, Startups

4.6 • 4.4K Ratings

🗓️ 16 June 2020

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Forget writing that business plan. Design an experiment instead. So many products and companies fail because the assumptions in their beautiful business plans were just wrong. So stop writing and start testing. No one knows this better than Eric Ries, author of The Lean Startup and founder of the Long-Term Stock Exchange. After his first product failed, he developed a new method of product design based on running small, fast experiments, measuring the results, and learning from them. It’s a system built on data, not assumptions, and it works with almost everything, from app development to airplane design. It starts with establishing your own measure of success — then experimenting, improving, and trying over and over again. The feedback loop never stops.

Learn more about the Long Term Stock Exchange: ltse.com

Learn more about The Lean Startup: leanstartup.co

Read Eric’s blog, Startup Lessons Learned: startuplessonslearned.com

Listen to Eric’s new podcast, Out of the Crisis, on Apple Podcasts: https://podcasts.apple.com/us/podcast/out-of-the-crisis/id1505392824

Read a transcript of the episode: https://mastersofscale.com/eric-ries/

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Transcript

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0:00.0	Hi listeners, it's Chris Goethea, producer on Masters of Scale.
0:03.2	Quickly dropping in with an invitation for you to join us at an upcoming strategy session with Reed,
0:07.9	along with a few very special guests. During this live virtual event, you'll hear some game-changing
0:14.0	wisdom and insights that will help you make smart and financial decisions for your business.
0:18.4	So take a second to save the data in your calendar for Monday, May 8th at 3.30pm Pacific,
0:23.2	and register at mastersofscale.com forward slash strategy session to receive your link to join.
0:29.6	We'll be tackling some of the most top of mind questions for entrepreneurs,
0:32.8	with a special focus on how your business can thrive even amidst an economic downturn.
0:38.0	It's a really important topic, and you'll hear timely strategic insights that will help set you
0:42.8	and your business up for success. So go to mastersofscale.com forward slash strategy session to
0:49.2	register for free. Now on to the show.
0:53.0	They set this tent up next to a plastic factory, and it apparently smelled horrible.
1:03.2	And when they answered the phone, they weren't allowed to say what they were up to because it was
1:05.7	a top secret project. So one of the engineers on the project, Irv Culver,
1:11.3	took to picking up the phone and saying, Irv here, skunk works.
1:14.4	Our storyteller here is Nick Means, director of engineering at GitHub and a passionate student
1:24.0	of aviation history. So it's natural that he'd be fascinated by the infamous skunk works,
1:30.0	a top secret project at Lockheed Martin.
1:35.0	The story has a mythic status among engineers and entrepreneurs.
1:39.6	So skunk works came out of Lockheed Martin in the midst of World War II.
1:54.0	The Germans had created the Messerschmitt ME262, the first jet fighter deployed in combat.
2:00.5	The US was looking for an answer to it.
	...

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