Lean startup is a business strategy that is aimed at achieving optimal business success with a minimal and viable production cycle, thereby reducing the rate of business failure.
The dream of every startup founder is to have people patronize their products and use their services once it enters the market.
For this sole reason, lots of strategies and planning are put in place, from writing the business plan to developing models and products all in a bit to prevent business failure.
Despite these plans, over time we’ve seen startups pack up and go home because they didn’t get the big break they’d hoped for and their products weren’t what the market needed at that time.
So what’s the way to avoid this?
That is where lean startup comes in, Lean startup teaches startup founders not just to sit down at the drawing table and develop what they as founders have in mind but to go out there into the market and know what the market wants.
This way their products are simply responding to problems that they’ve established existed, knowing that they can introduce a product that responds to the problem.
So the startup doesn’t waste money developing a perfect product the market doesn’t need.
Listed below are the core principles of the lean startup that’d if followed will help a startup founder achieve success in their business and include the following:
Principles of lean startup
Like earlier stated lean startup is big on experimentation. The lean startup is open to experimenting, especially one based on market research.
If there’s any product one intends to design for the market, minimal viable products (MVP) are first released to see if it works as it’s meant and that the market is receptive to the product before investors’ money are used to build the final product.
Research isn’t a one-time thing in lean startup methodology. In that, there’s always a need for research even after the product has been introduced to the market.
The startup founder gets this feedback and works on the product again or can simply decide to build something else in addition to what they already have either by adding new features or eliminating unnecessary ones and sending it back into the market, and the cycle goes on.
Also read, Lean Startup? Here are 4 Ways to develop a Business Strategy
Flexible startup management structure
This entails that a rigid management system is done away within a lean startup system. There is room for spontaneity, especially as necessitated by the market.
Instead of the process of waiting for the higher-ups to dictate and approve every move which could delay market delivery.
However, in a lean startup system, all decisions must be informed decisions from the data gathered.
Lean startup is therefore a process of iterative-driven product experimentation backed by customers’ data and feedback.
It is important to note that the lean startup process is unique and therefore requires patience and adaptability, the product you might have at the end of the day most likely wouldn’t be what you had in mind when you set out to provide solutions.
Just ensure what you have is what the market demands and like an old saying ‘the customer is always right’.
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