Startup success can be engineered by following the process, which means it can be learned, which means it can be taught. from this, the concept of Lean Startups starts to grow.
Lean Startup is a way of doing business that is expanding from startups to enterprise businesses, non-profits, and the public sector. it provides a scientific approach to creating and managing startups and get a desired product to customers’ hands faster.
In short, The Lean Startup method teaches you how to drive a startup, how to steer, when to turn, and when to persevere, and grow a business with maximum acceleration. It is a principled approach to new product development.
Principles of Lean Startups
1- Entrepreneurs are everywhere
There are many types of entrepreneurs and startups. Tons of opportunities exist that entrepreneurs can take advantage of to build a successful business. So, you can be anywhere at any time and create a startup. The key is in thinking big, starting small and scaling fast.
2- Entrepreneurship is management
Startups need management just like any company. However, lean startups have a unique type. Having flexible, learning-oriented management makes for a successful lean startup.
As an entrepreneur, you need to be accountable for yourself by exercising effective management skills. You must know the process in order to successfully implement the process. It’s easier to avoid mistakes when you know how to assess the value and determine your next steps.
3- Validated learning
Lean startups primarily serve customers with their products. They exist to learn how to build a sustainable business. so, they adapt to the needs of the target market by learning exactly what it is that customers want. Through experimentation and finding what works best.
Startups exist to learn how to build a viable business. Each component can be scientifically validated by running experiments that demonstrate and test your vision. With validation, you will be able to identify and address the key risks in your product or service and make adjustments to properly position your brand.
4- Innovation Accounting
Lean startups keep detailed records of tests and analysis to figure out what works best. They gauge progress on the amount learned about the innovation rather than the amount of new work created.
This process holds entrepreneurs accountable for their actions and outcomes through prioritization of work, measurement of progress, and delineation of milestones. All of these elements work together to define entrepreneurship, introducing a new way of how it should be done.
The fundamental activity of a startup is to turn ideas into products, measure how customers respond. All successful startup processes should be geared to accelerate that feedback loop.
In fact, the “Build-Measure-Learn feedback loop is at the core of the Lean Startup model.” This means the main activity of a startup is to transform ideas into products or services, measure your metrics for audience response, and determine whether you need to change something or persevere. Every process within the loop should accelerate feedback.