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" If you think the job of a CEO is to increase sales, then Ballmer did a spectacular job. "

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" The Lean Startup process builds new ventures more efficiently. It has three parts: a business model canvas to frame hypotheses, customer development to get out of the building to test those hypotheses, and agile engineering to build minimum viable products. "

" At 19, I joined the Air Force during the Vietnam War. "

" The Lean Startup is a process for turning ideas into commercial ventures. Its premise is that startups begin with a series of untested hypotheses. They succeed by getting out of the building, testing those hypotheses and learning by iterating and refining minimal viable products in front of potential customers. "

" In winning companies, everybody pulls in the same direction. "

" Customer discovery is the process of translating a founder's vision for the company into hypotheses about each component of the business model and creating a set of experiments to test each hypothesis. "

" Once you establish what activities your company needs to do, the next question is, 'How do these activities get accomplished?' i.e. what resources do I need to make the activities happen? "

" You can get a good handle on a company's culture before you even get inside the building. For example, when companies say, 'We value our employees' but have reserved parking spots, a private cafeteria, and over-the-top offices for the executives, that tells you more than any PR spin. "

" Learning how to keep track of inventory and cash flow and creating an income statement and a balance sheet are great skills to learn for managing existing businesses. "

" Value Proposition Design is a 'must have' for anyone creating a new venture. It captures the core issues around understanding and finding customer problems and designing and validating potential solutions. "

" Not all startups are alike. One of the key ways they differ is in the relationship between a startup's new product and its market. "

" At the end of the day, VCs have to provide their limited partners with great returns, or they aren't going to be able to raise another fund. "

" Startups have finite time and resources to find product/market fit before they run out of money. Therefore startups trade off certainty for speed, adopting 'good enough decision making' and iterating and pivoting as they fail, learn, and discover their business model. "

" Decades before we were able to articulate the value of 'getting out of the building' and the Lean Startup, the value in having skunk works controlling their own distribution was starkly evident. "

" The goal of listening to customers is not to please every one of them. It's to figure out which customer segments serve your needs - both short and long term. "

" Commencement Day has a sobering finality in that it's the end of the prescribed path. "

" Customer Development changes almost every aspect of startup behavior, performance, metrics, and, as often as not, success potential. "

" First and deadliest of all is a founder's unwavering belief that he or she understands who the customers will be, what they need, and how to sell it to them. "

" As an entrepreneur, my problem was that I had too many ideas. "

" In corporations, the penalty for repeated failure on known tasks is being reassigned to other tasks or asked to leave the company. "

" Each industry in a region should develop a playbook that expands and details the strategy and tactics of how to build a scalable startup. "

" If you've never founded a company, rest assured it never happens as elegantly and smoothly as articles in 'Inc.' and other business magazines or case studies suggest. "

" The Columbia Startup Lab is a visible symbol of how the university is making entrepreneurship an integral part of all colleges at the university. "

Entrepreneurship

" Failure will happen. It's a normal part of the startup process. "

" Companies that acquire startups for their intellectual property, teams, or product lines are acquiring startups that are searching for a business model. If they acquire later stage companies who already have users/customers and/or a predictable revenue stream, they are acquiring companies that are executing. "

" In a web/mobile startup, coding is not an outsourced activity. It's an integral part of the company's DNA. "

" The introduction of new technology is always disruptive to existing markets, particularly to content/copyright owners who sell through well-established distribution channels. "

" While 'The Owner's Manual' is not a formula for guaranteed success by any means, we're confident it will help reduce the failure rate of most startups that use our Customer Development process. "

" Market type determines the startup's customer feedback and acquisition activities and spending. It changes customer needs, adoption rates, product features, and positioning as well as its launch strategies, channels and activities. "

" It typically takes multiple iterations and pivots to find product/market fit - the match between what you're building and who will buy it. "

" With clear definitions and a taxonomy that illustrates their relationships, the Inventure Cycle defines the pathway from inspiration to implementation. This framework captures the skills, attitudes, and actions that are necessary to foster innovation and to bring breakthrough ideas to the world. "