The Lean Startup provides a scientific approach to creating and managing startups. The Lean Startup method teaches us how to commence a startup, how to maneuver when to pivot, and when to grow your business with the greatest acceleration. Find out what lean startup is all about with these seven points.
What is this Lean Startup?
Developing a minimum viable product
One has to figure out the problem first. After that, it’s time to develop a minimum viable product to start the learning process very soon. When MVP is established, you are on your way forward.
Build-Measure-Learn
The main thing involved in a lean startup is about turning ideas into goods. Evaluate the customer’s response , and then learn if you need to take a turn or persist. For a successful lean startup, this process is vital.
Work Smarter not harder
The Lean Startup works on the principle that every startup is a magnificent experiment that attempts to answer a question. Find out the best ways of doing things in a smarter way.
“Just do it” approach
Lean startup is not only about spending less amount or failing fast. But, it is about putting a process, around the development of a product.
Learning through experimentation
Lean startups are about learning how one can build a sustainable business rather than make objects, make wealth, or serve customers only. And this can be scientifically validated through experiments that allow testing.
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Innovation Accounting
Yes, this stuff seems boring, but you need to focus on it if you want to improve entrepreneurial outcomes. It includes measuring progress, setting up milestones and prioritization of work. This needs an innovative accounting, specific to startups.
Customer feedback over intuition
Days are gone when you just start a business following your instincts. Nowadays, you need to be more proactive and know what your customer wants.
Yes, the methodology is quite new, but its concepts like minimum viable product and experimentation have speedily taken root in the start-up world. Many business schools have started adapting this methodology as a part of the curriculum.
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