Most phenomenal startup teams create businesses that ultimately fail.
Why? They built something that nobody wanted. That sounds like a beginner’s mistake, but in the conditions of extreme uncertainty under which entrepreneurs operate, it’s challenging to innovate and find a market, to take risks and mitigate risk.
Almost two years ago, I left my operating role as the co-founder of a startup, out of an interest to help the entrepreneurship industry develop a more effective, data-driven way of building companies. During that time, I’ve worked with hundreds of entrepreneurs around the world and created a methodology for innovation now known as The Lean Startup.
The Lean Startup has evolved into a movement that is having a significant impact on how companies are built, funded and scaled. As with any new idea, with popularity comes misinterpretation.
Here are the top five myths about The Lean Startup, and the truth behind each misconception: