1. What are the main differences between “lean start-up” and the “decade-old formula”when launching a new business? They work with business model not business plan, meaning less research and planningbut more learning from hypothesesThey engage customer to test their hypothesis, focus on customer development, ratherthan product management Develops product iteratively and incrementally, working hand in hand with customer,rather than building the whole product Financial reporting based on customer acquisition, customer lifetime value, churn ratherthan income statement and balance sheetMore rapid actions, rather than focusing on measuring2. What does the following sentence “Existing companies execute a business plan whilestartups look for one” mean? Start-up companies work closely with customer to check what works and what doesn’t,are ready to fail and make mistakes in order to learn from them and improve, while
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