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Ep365 - Eric Ries | The Lean Startup
Talks at Google
How to Be an Effective Entrepreneur
In this entertaining discussion, the speaker shares the three-act structure of entrepreneurship stories. Act one focuses on the protagonist, their flaws, and their brilliant idea. Act two is a photo montage of the journey, from working hard to gaining their first customer. Act three deals with the challenges of success and division of spoils. The speaker suggests that most entrepreneurs focus too much on act one and act three, while the real work happens in the unspeakably boring photo montage. They emphasize the importance of customer prioritization, product features, and accountability. The speaker aims to bring rigor to the practice of entrepreneurship and defines startups as human institutions that create something new under extreme uncertainty. Anyone operating with uncertainty about their customers and sustainable business is an entrepreneur. They encourage large companies to embrace entrepreneurship as a job title, as startups are essentially experiments that require hypothesis testing and specific predictions. The goal is to stop wasting people's time by creating a science of entrepreneurship.
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