Eric Ries is the author of The Lean Startup book, the book which has disrupted the startup landscape like no other text has ever done before. The startup world is transcended towards a leaner, more agile and focused product development approach.
In this book “The Startup way” Eric Ries takes it up a notch the lean startup methodology and explores the ways in which established enterprises can implement the lean startup culture into their organizations to help them grow and remain innovative even at scale. The book explores ways in which traditional management and what the author calls Entrepreneurial Management can work together creating a synergy that’s greater than the sum of both.
The book is full of references and case studies from organizations Eric Ries has directly or directly worked with. These include multi nationals such as GE (General Electric), Toyota, established tech companies such as Amazon, Facebook, Intuit and hyper growth companies like Dropbox, Airbnb etc. The case studies discussed in the book really helps to clarify the concepts and visualize the true value lean startup methodology brings to the table.
Book is highly recommended for everyone, either you are a budding entrepreneur or a traditional manager in a traditional organization the book has something to offer to everyone. Reading Eric Ries’s The Lean Startup book is not a prerequisite for this book but it would certainly help if you are already familiar with the lean startup methodology. The author sheds some light on the lean startup methodology in early chapters for those who are not really familiar with the methodology.
We live in a constantly changing & uncertain world which is highly connected and information rich, the traditional management practices we have currently in place were designed for the companies of the past, the companies of the industrial revolution. Traditional management practices don’t bode well with uncertainty and is destined for failure in this new economy. We need new management practices to survive in this new economy of technological revolution. This new kind of management is which is an amalgamation of traditional management with entrepreneurial management, which is the crux of this book.
The author argues that to create a true modern company we should let go some of our beliefs of traditional management and adopt the startup methodology if we want to succeed. For example failure should not be frowned upon but should be considered a stepping stone towards success. Instead of making big bets small incremental challenges should be pursued key assumptions should be tested and pivoted if required. This all is in direct contrast with the traditional management practices where you plan budget and execute a year long project only to find out that there was no need of the product in the market.
The author recommends that there should be a entrepreneurial function in every organization just like Marketing, Finance or HR. The role of this department should not be limited to itself but it should be cross functional applying startup methodologies in and across the company departments measuring learning and pivoting along the way. The startup way requires new kind of leadership that truly embraces the startup methodologies and help integrating it into the organization. Author argues entrepreneurship is not only for entrepreneurs it is a concept and a state of mind that is highly applicable to all forms of business in this new digital age and organizations of sizes and even the governments which are known for their big bland lethargic and bureaucratic management style can also benefit from it.
Overall the book is fun to read specially the case studies presented in the book keep you hooked up. It enlightens you with what is possible and how to achieve it using the startup way.