Lean startup

Lean startup
See also

Lean startup is methodology product and company development, based on the assumption that entrepreneurs need to explore, to experiment, test and iterate as product development[1].

Assumption[edit]

The purpose of this methodology is to minimize the product development cycle and to quickly discover whether the proposed business model is profitable[2]. It launches large, complex products on the market. Faster and cheaper than any other method. Making sure every function meets the needs of clients, the lean startup method is moving towards success [3].

Benefits[edit]

Reducing the risk of economic losses accelerates the development of the product[4], which is in the early stages. It helps quickly find out what does not work to make changes immediately[5]. Recommends a refund or stop if the initial plan does not work. Progress can be tracked by user activity, commitment and retention[6].

5 core pricncples[edit]

The application of these principles is the foundation of this methodology, - thanks to them we can provide customer products they need and want to use them[7]:

  1. Entrepreneurs are everywhere, due to the multitude of entrepreneurs and startups, there are many opportunities that entrepreneurs can use to build a successful business
  2. Entrepreneurship is management startups require management like any other company, flexible, learning-oriented management makes for a successful lean startup.
  3. Validated Learning customer orientation. Adaptation to the needs of the target market, through experimentation, find what works best. Gaining knowledge about what customers want.
  4. Build-Measure-Lean learning based on feedback and improvement in the iterative process. Minimum viable product (MVP) is released on the market, improvements or total changes are introduced based on feedback.
  5. Innovation Accounting keeping detailed records of tests and analyzes to find out what works best.

Footnotes[edit]

  1. Ries E., 2011, p.12-16
  2. Klein L., 2018, p.47
  3. Owens T., Fernandez O., 2014, p.215
  4. Klein L., 2018, p.192
  5. Gelobter M., 2015, ch. Change in change itself
  6. Ries E., 2011, p.12-16
  7. Ries E., 2011, p.8-9

References[edit]

Author: Agnieszka Katarzyna Sikora

.