Quotes About Value

There are Chestertonian aphorisms too: "Christianity preaches the infinite worth of that which is seemingly worthless and the infinite worthlessness of that which is seemingly so valued.

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.

Success is not delivering a feature; success is learning how to solve the customer's problem.

Customers don't care how much time something takes to build. They care only if it serves their needs.

Metcalfe's law: the value of a network as a whole is proportional to the square of the number of participants. In other words, the more people in the network, the more valuable the network.

If we do not know who the customer is, we do not know what quality is.

What if we found ourselves building something that nobody wanted? In that case what did it matter if we did it on time and on budget?

Peter Drucker said, "There is surely nothing quite so useless as doing with great efficiency what should not be done at all."2

You can't take learning to the bank; you can't spend it or invest it.

If we stopped wasting people's time, what would they do with it?

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

People are accustomed to thinking of accounting as dry and boring, a necessary evil used primarily to prepare financial reports and survive audits, but that is because accounting is something that has become taken for granted.

we must focus our energies exclusively on producing outcomes that the customer perceives as valuable.

The critical first question for any lean transformation is: which activities create value and which are a form of waste? Once

The two most important assumptions entrepreneurs make are what I call the value hypothesis and the growth hypothesis.

The critical first question for any lean transformation is: which activities create value and which are a form of waste? Once you understand this distinction, you can begin using lean techniques to drive out waste and increase the efficiency of the value-creating activities.

Lean thinking defines value as providing benefit to the customer; anything else is waste. In a manufacturing business, customers don't care how the product is assembled, only that it works correctly. But in a startup, who the customer is and what the customer might find valuable are unknown, part of the very uncertainty that is an essential part of the definition of a startup.

The first step would be to break down the grand vision into its component parts. The two most important assumptions entrepreneurs make are what I call the value hypothesis and the growth hypothesis. The value hypothesis tests whether a product or service really delivers value to customers once they are using it.

the paid engine of growth is powered by a feedback loop. Each customer pays a certain amount of money for the product over his or her "lifetime" as a customer. Once variable costs are deducted, this usually is called the customer lifetime value (LTV). This revenue can be invested in growth by buying advertising.

Metcalfe's law: the value of a network as a whole is proportional to the square of the number of participants.

I call the riskiest elements of a startup's plan, the parts on which everything depends, leap-of-faith assumptions. The two most important assumptions are the value hypothesis and the growth hypothesis.

Wealthy consumers cost more to reach because they tend to become more profitable customers.

El objetivo de una startup es averiguar qué debe producirse, aquello que los consumidores quieren y por lo que pagarán, tan rápidamente como sea posible.

value in a startup is not the creation of stuff, but rather validated learning about how to build a sustainable business.