Innovation is a bottoms-up, decentralized, and unpredictable thing, but that doesn’t mean it cannot be managed.

Products a start-up builds are really experiments…Learning about how to build a sustainable business is the outcome of those experiments [which follow] a three-step process: Build, measure, learn.” “[A startup is] … an organization dedicated to creating something new under conditions of extreme uncertainty.

The grim reality is that most start-ups fail. Most new products are not successful. Yet the story of perseverance, creative genius, and hard work persists.

Better to have bad news that's true than good news we made up

I would say, as an entrepreneur everything you do - every action you take in product development, in marketing, every conversation you have, everything you do - is an experiment. If you can conceptualize your work not as building features, not as launching campaigns, but as running experiments, you can get radically more done with less effort.

The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.

Leadership requires creating conditions that enable employees to do the kinds of experimentation that entrepreneurship requires.