"Learning to see waste and then systematically eliminate it has allowed lean companies such as Toyota to dominate entire industries."

Section: 1, Chapter: 1

"A startup's runway is the number of pivots it can still make."

Entrepreneurs often speak of runway - the amount of time until a startup runs out of money. But Ries argues that the real definition of runway is the number of opportunities a startup has left to pivot. It's the number of times a startup can make a major change to its business strategy. A startup can extend its runway two ways:

1. By reducing costs or raising additional funds to add more time
2. By pivoting faster to find a sustainable business model sooner The goal is to find ways to achieve the same amount of validated learning at lower cost or in a shorter time. Ries argues pivots are a more useful measure of runway than financials.

Section: 2, Chapter: 8

"Entrepreneurship should be considered a viable career path for innovators inside large organizations."

Section: 3, Chapter: 12