A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty.
Key takeaways:
- It is an institution, not just a product.
- Uncertainty is the key defining feature. A new business opening an exact clone of a successful franchise is a new business, but not necessarily a "startup" in the Lean sense because the uncertainty is low.
- The goal is to learn. Your job is to figure out the right thing to build—the thing customers want and will pay for—as quickly as possible.