a. Goal of entrepreneurs: How to build a sustainable business. Need a system to evaluate and assess. All else is waste.
b. Value vs. Waste: Where learning is really the unit of progress. Cycle time: loop (in software development—turning ideas into code): 1. Ideas; 2. BUILD; 3. Code; 4. MEASURE; 5. Data; 6. LEARN. Can you make it through the sustainable cycle faster? Pivot is one turn through this loop. Minimize time through the loop for greater chance for success. So, what needs to be in version #1 of product is only what’s necessary (the MVP—Minimally Viable Product) to see if vision or plan is right.