What Are The Key Principles Of Lean Startup?

What Are The Key Principles Of Lean Startup?

1 Answer

  1. A lean startup attempts to solve a problem scientifically by using specific principles and processes. The idea of a lean startup comes from Eric Ries, who has written extensively on it in a book. According to him, these are five main principles for creating 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.
    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.
    3. Validated learning-Lean startups primarily serve customers with their products. They adapt to the needs of the target market by learning exactly what it is that customers want. Through experimentation, they find what works best.
    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.
    5. Build-Measure-Learn-Lean startups hit the ground running by building the simplest product that does what it should, called the Minimum Viable Product (MVP). This goes through rigorous evaluation through tests and user feedback to collect data on how targeted users accept the product. If it works, then they learn from the feedback and make it better in an iterative process.

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