What Exactly Is Lean Startup?


Have you heard the phrase Lean Startup? It's a methodology that obviously can be used for startups but also for growing companies and even corporations too. This article gives a quick overview to Lean Startup.

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There have been many methodologies and approaches to unravel the truths of building a successful startup. The Lean Methodology continues to be a front-runner for entrepreneurs to follow – here’s why.

“Using the Lean Startup approach, companies can create order not chaos by providing tools to test a vision continuously.”

Eric Ries

There are many incubators, events, workshops, mentoring programmes. But are they teaching the right methodology? Are they pinpointing the real action to take in hitting business success? Let's take a look at Lean Startup:

What is “Lean Startup Methodology”?

Lean Startup Methodology is a scientific approach to creating a startup that can deliver a desired and demanded product, for a market both in a quicker time and with less cost. Lean methodology is specifically related to the start-ups, and how to grow the business with maximum acceleration – but it can also be used by companies and corporations.

Recommended reading: Top Tips for Getting Your Start-up Business Off The Ground

Lean Startup Process 

The process of Lean Startup goes something like this. 

  • Take your idea
  • Build it out as a minimum viable product/service/project
  • Measure
  • Learn
  • Feed back into an iterative process. 

The Lean Startup goes through 5 main principles:

  1. Entrepreneurs are everywhere
  2. Entrepreneurship is management
  3. Validated Learning
  4. Innovation Accounting
  5. Build-Measure-Learn

Recommended reading: A Reflection On Business Planning

Watch Eric Ries Explain Lean Startup

The Lean Startup video will give you an introduction into how Eric Ries helps start-ups achieve extraordinary success through the application of his Lean Start Up Methodology, and how he helps huge companies like GE innovate and create.

Over to you now. Are you already familiar with Lean Startup? Have you applied it to your startup or business? 

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