There is much that public policy can do to support American entrepreneurs. Health insurance reform will make it easier for entrepreneurs to take a chance on a new business without putting their family's health at risk. Tort reform will make it easier to take prudent risks on new products in a number of sectors.

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.

It doesn't matter if you call it a boom or a bubble. The startup business moves in cycles, and what goes up will eventually come down.

Lean thinking defines value as providing benefit to the customer; anything else is waste.

Learning to see waste and systematically eliminate it has allowed lean companies such as Toyota to dominate entire industries. Lean thinking defines value as 'providing benefit to the customer'; anything else is waste.

By the time that product is ready to be distributed widely, it will already have established customers.

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