I think of a startup as a hypothesis, much like you'd find in science. Take problem X, apply Y solution, and make money by doing Z. The process of failing fast and often is akin to performing different experiments on what works and what doesn't. The major difference is that science is science and the results are clear cut and objective; with a startup, your results will depend on the quality of your team, the original idea, ability to get funding, market timing, etc.