07/07/2020
“A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty.”
― Eric Ries, The Lean Startup
Did you know that 75% of all startups fail? No matter what kind of business you’re starting to build, you’re likely to face setbacks, challenges, and roadblocks of all kinds. If you follow the traditional startup formula of writing a business plan, pitching to investors, building your product, and selling it, you might spend years on one business idea only to have it fail.
While starting any kind of business has always been a risky business, the Lean Startup Methodology, introduced by Eric Ries in 2008, is a cheap, quick, and less risky strategy to take your business idea to market.
The key difference between building a lean startup with the Lean Startup Methodology rather than using a more traditional method is that entrepreneurs must ask themselves, “Should this product be built?” rather than “Can this product be built?” Building a lean startup is about finding a problem, validating that problem, and building a product that will solve the problem.
Continual testing and validation is built into the lean startup process in order to get the product into the customer’s hands as fast as possible while maximizing the business’s growth.
When you’re building a lean startup, you want to make sure that you’re constantly testing and validating your product so that your product is in your customer’s hands as fast as possible. The Lean Startup Methodology will subsequently let you maximize your business growth. (Give it a read) 🙌🏻
