The Lean Startup: a more practical way to develop your business

The Lean Startup: a more practical way to develop your business
By  Admin  |   20 Aug 2021

Usually, when an entrepreneur plans a business or a product, he follows these steps: he draws up a business plan, chases income or investors, develops the idea, launches the product, and only then gets feedback from the end customer. Right? 

However, this tactic can be very risky because the time and money spent on developing the project cannot be recovered in case of a lack of public interest, right?

To resolve this issue, a new method for launching companies or products emerges, The Lean Startup, which proposes to make a business grow with maximum acceleration, and with frequent feasibility tests. Want to know more? Read on and understand the concept of The Lean Startup and how it works. Check out:

What is The Lean Startup?

The word lean can be translated as “lean”, so Lean startup means, in a free translation, lean startup. This concept involves work to identify and eliminate waste in processes and is closely linked to the environment of technology startups. So, we can say that the Lean Startup methodology is a way to develop products and businesses in a short term and to constantly test the initiative's viability in the market.

Thus, when using Lean Startup, the entrepreneur develops his idea quickly and receives feedback from customers at the same time, so, in addition to saving time and money, he is able to check if his idea has a future and prevent possible losses.

How does The Lean Startup work?

 The Lean Startup's goal is to avoid waste during the early stages of a business and give entrepreneurs a greater chance of long-term success. For this, the method makes startups focus on prototyping ideas and getting customer feedback about the product. With the answers, they can make improvements and launch themselves, or stop investing resources and time in an initiative that has no future in the market.

To test an idea, The Lean Startup follows a cycle: Build-Measure-Learn. Understand better: 

The Lean Startup: Build

The first step of the Lean Startup method is the creation of a minimum viable product (MVP), which refers to a lean prototype of a service or product that is good enough to meet the needs of customers while serving the entrepreneur to see if his idea appeals to the public. The MVP should be built with as few resources as possible and presented to a select group of customers.

The Lean Startup: Measure

After building it, it's time to measure the results of your minimum viable product. With the feedback provided to you by the group of customers who have tested your idea, you can improve the product and make it even more feature-rich. However, it is possible that you will find that the idea did not meet the needs or aroused the curiosity of customers, so you should discard it without wasting more resources. 

The Lean Startup: Learn

In this third step, it's time to analyze the feedback and learn from the data you've received. Then use feedback from the group of customers who tested your MVP to identify which aspects of your product aren't working well and which ones need improvement.

The Lean Startup: the book by Eric Ries

Eric Ries proposed the Lean Startup method in 2008, in the book The Lean Startup. The book explains the lean method to develop your product/service based on validated learning, getting feedback from real customers frequently and quickly. Worth reading!

Did you like to know more about how to develop a project in a fast and lean way? So share this idea with your friends who dream of entrepreneurship but are afraid to take chances. 

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