Eric Ries (@ericries) recently joined Village Global co-founder and partner Ben Casnocha (@bencasnocha) in San Francisco to chat with some of the founders of our portfolio companies. Eric is a Village Global LP, friend of the firm, and author of The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.

Over the nearly 75-minute session, Eric gave a masterclass in Lean Startup techniques, addressed questions from founders on some of the finer details of the framework, and shared what he has learned from his entrepreneurial journey in the early 2000s as well as more recently as founder of the Long Term Stock Exchange.

Eric and Ben start out by talking about uncertainty as the core of a startup and the stark contrast between planning in an early-stage company versus in a large enterprise. Eric points out that those in the startup world take for granted certain startup best practices that “would get you fired in any big company.” He talks about the need for structure around entrepreneurial exploration, including making one’s hypotheses explicit and rigorously testing them.

Eric discusses the difference between customer discovery and customer validation. He tells the story of a founder who interviewed prospective customers and was told that the product was great and that they would use it, but that when he asked those same customers to put their name to a letter recommending their bosses purchase the product, not one would do so.

“The ideas that sound big are usually not the things that end up big.”

They move on to a discussion of pivots and why Eric says that in virtually all cases, after having pivoted, founders say they wish they had done so sooner. He explains why every six weeks is an ideal cadence for a “pivot or persevere” meeting.

MVP (minimum viable product) has become household term that was popularized by Eric. He discusses how founders can get over their fear of shipping something they perceive as incomplete and why he says the ideal MVP has “way fewer features than you think it needs.” He fields questions from Village founders on MVPs and talks about how small companies should think about their MVP when targeting large companies as customers.

“Engineers always think that more features will solve any problem.”

Eric explains what he means when he says that “entrepreneurship is a process of self-discovery” and why managing yourself and your own emotions as a founder can be equally as important as managing those of your team. He also addresses some of the criticisms of the Lean Startup methodology and common misunderstandings of the framework.

“I truly believe that entrepreneurship is a process of self-discovery. I think that two people working on the exact same company, encountering the exact same evidence, and deciding on a pivot, would probably choose two different pivots if they had different values. You discover something about what you really care about.”

Along the way, they discuss some of the seminal works in entrepreneurship, like The Four Steps To The Epiphany by Steve Blank and Crossing The Chasm by Geoffrey Moore.

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Venture Stories is brought to you by Village Global and is hosted by co-founder and partner, Erik Torenberg. Colin Campbell is our audio engineer and the show is produced by Brett Bolkowy.