The Lean Startup

Introduction The Lean Startup is a new approach to business that’s being adopted around the world. It is a movement that is transforming the way companies are built and new products are launched. 5 Principles The 5 principles: Entrepreneurs are everywhere Entrepreneurship is not management Validate your learning Build-Measure-Learn Practice innovation accounting Why Startups Fail Startups fail because of uncertainty; forecasting only works when there is a long established pattern that can be relied on.

Principles of Economics

Introduction Chapter 1: Ten Principles of Economics BLUF People face trade offs for achieving alternative goals; cost is measured in foregone opportunity; rational people compare marginal costs+benefits; and people act on incentives. Trade is good; markets are good; governments can improve market outcomes. Productivity begets living standards; inflation means a surplus of money; and society faces trade offs between inflation and unemployment. Notes Trade-offs (“guns and butter”) Cost is what you give up to get it Rational people, marginal benefits & costs (water vs diamonds) People respond to incentives (but think Freakonomics) Trade can be good for everyone Markets are (usually) a good way to organise economic activity - Adam Smith, invisible hand Governments can (sometimes) improve market outcomes A country’s standard of living depends on its ability to produce goods and services (but what is “standard of living”?