There is no single startup building process that works for everyone. Because there is no framework, you have to adopt iterative approaches. A tried and trusted method to improve your startup’s survival prospect is the Lean Startup methodology.
Commonly know as the build-measure-learn approach or the build, break and learn process – it is a simple way to conserve resources and make use of feedback. Instead of making assumptions, you build an MVP (Minimum Viable Product) and learn from it by gathering feedback and measuring the results. This cycle continues until you reach a level of quality that is sufficient for users, helping you create a viable product for mass consumption.
We’ve put together the benefits and lessons you need to learn from using this methodology effectively.
There’s less uncertainty
Uncertainty is a given in a startup environment, but the Lean Startup approach allows you to test assumptions in the real world, stay flexible, and use tools and feedback to create a model that really works.
This is useful for testing new products and how hardware companies create prototypes for limited release before the final product is pushed to the mass market.
Failure is expected and welcome
This may sound like a cliche, but you can now question whether you should build this product at all.
If you do decide to build it, then you can focus on how to make it sustainable. You don’t have to perfect the product before showing it to a potential audience. They may hate it, but you didn’t create a finished product and you can learn from your mistakes easily.
MVPs are not your finished product, but they’re still great
Building an MVP is a core component of the lean startup methodology. This is the spark that starts the entire product journey and helps you learn from your mistakes in the real world. The only lesson to take from this is that your MVP shouldn’t be your finished product, but it can be the basis for what can be your core product line.
Flexibility is necessary, not a luxury
When using this method, you go into the cycle expecting to change and adapt. Your startup can work on the things your customers need, depending on user feedback.
This is essential to keep in mind, as you build, break and learn.
There you have it, a concise and hopefully helpful guide on what the lean startup methodology is and its benefits. This is particularly useful for new industries, where even disruption isn’t possible because there is no existing framework. There are great resources out there if you’d like to find out more.
We recommend reading this book by Eric Ries.
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