Five main principles of our start lean startup, entrepreneurs are everywhere intrapreneurship as management, validated learning based measure learn, and innovative accounting enterpreneur everywhere we have already learned is that everybody who is in charge of developing a product or services under uncertainty is intrapreneur. Whoever is taking the financial risk is interchangeable in terms of profit. There are intrapreneurs who are not taking credit who are taking financial risk, but not in the hope of profit, but in the form of some social betterment. So these are called social intrapreneurs. There are entrepreneurs who don't take financial risk, and they also just helping the social cause. So these are also called social benefit social entrepreneurs.

So intrapreneurs are everywhere in the company outside the company inside the company, they are called intrapreneurs. So enter and then so that means let's look at the next principle. What is startup as a man Rent intrapreneurs versus management. So you think do you think how many of you think that startup is can learn something from the traditional traditional principles of the management, even the Lean Startup has learned from the lean manufacturing which is a traditional method of management. So, the principles are always there the traditional methods of management has has been standing for 100 years now. So they are sound proof principles.

However, they just need some tweaks in the matter of uncertainty. The start these are similar to traditional management startups must have a vision for example, they need to have a vision what they are going to solve. And then they have to have a strategy to solve the vision to achieve the vision. And that includes business model, your how you are going, what your product roadmap project management, hunt, and then also your position with your compare partners and communities. How you are going to deal with them right. So, that is all called strategy.

And then finally, you need to have a service product and the services there is a result of your strategy. And then whenever traditional activities of the management also still perform for example, talent acquisition for example, human resources for example, forecasting, business modeling, for example, accounting innovation, reserved measurement, key performance indicators, these are still prevalent in the startups also, but only the difference is they are more agile more frequent more faster than the traditional management. But there are certain changes compared to the internet compared to the traditional management in the startups. And these are product changes because of optimization, based on the customer feedback, this is called optimization. Then there are strategies. Sometimes we change, we do gene division, but we change we change the strategy sometimes We've called it by voting.

This is also a part of the Lean management Lean Startup vision usually remains the same for men, for the businesses and also for startups. So general management theories versus a set of startup made men let's understand a little bit more about this, what are the constraint what are the problems future many constraints of the general management theories, the general management theories, the constraint is the future is uncertain. However, general management theories assume certain behaviors. However, they are not always correct because the future is continuously changing. customers get a good a lot of alternatives previous line when the manager general management theories were available. There were not many choices.

Nowadays not only the product substitute, there are sub services substitute their needs substitute people may not need your product there. And sometimes you are developing some product which to which the which the customer may not even know about needed. So for example, for men they started to make the car people didn't know that they need the car, what they knew is they need to go from one place to another place it takes time. So instead of developing faster, so instead of, they didn't know they need a car when unless and until unless Henry Ford they make the car which was very very affordable. So that time, it was a matter of cost efficient market efficient manufacturing. So, it was easier now it's a different story.

Pace of change is very, very high. The cost the the technology, which has evolved over the last 45 years never been evolved over thousands of years. So the last few years have seen a rapid change and the technologies are outpacing each other outpacing the demand outpacing the needs of the customers. So they are head of the time. Sometimes the The products and technologies are developed ahead of time. For example, 3d technology was developed 10 of 1010 years ago.

Until now, people are not aware about the 3d technology, 3d printing. So the technologies are developing very, very fast before very faster than the customers realize that they there is a need for them. So that's the that's the problem with the general management theory. They are not supportive of these constraints. But they are certain similarities in the sort of management. the hiring of creative human and retaining the talent still works the same old way you still need to hire creative humans to run your startup.

You still need to retain your talent, so the old principles of the management will still continue to apply. You still need to make forecast of your business because you still need to measure your productivity you still need to measure your results against the forecast. So that Part still remains project milestones remain the same the project management principles or project management techniques, because you are developing a product or services that requires product or project management and a detailed business plan because developing the product and services will not be achieving anything if you are not able to survive for a long period of time. So, you need to develop your business model you need to develop the business plans. So, that you we can get the funding we can get the proper clear idea for how we are going to make the money or is it the product worthwhile?

The only problem is they are more uncertainties there are quite a number of restrictions in how we develop the forecast and how we develop the product milestones. However, these are the similarities. No application can change however, the principles remain the same. Okay, let's discuss about word of snap tags. How does snap tags was developed into tax system. So when the Intuit was developing intuitive was a very established company, they already have the established accounting software.

However, it was not relative with a small percentage It was not it was for desktop and it was not really for everybody to use it was industry or software. So the when they when they QuickBooks developed team for net tax to develop the program. So what happened, what they what that team did was they develop a prototype small prototype to help the customers file the income tax return out of their certain photos only. At that time, nobody was sure that they if you take a picture and then you will be able to find your tax returns. But the startup and the team developed a program. They ship the program, there were certain restrictions but they just shipped the program and they learn from the feedbacks of the customer.

And they may get better and better and better. So, that was one example of the lean strategies, how they how success now, Step six is very, very successful Lean Startup strategy. So, what are the strategies of the Lean Startup experiment? So, first is we are always doing the experimentation we want to understand, Will our assumptions work? Will our hypothesis work? Does the what is the impact of those hypotheses on our business?

We build the product we build the product and we test their test them and then we measure the results. So we always the startup the strategies are all divided into the three main factors, experimentation, testing and measuring the results.