Lean startup is a methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable; this is achieved by adopting a combination of business- hypothesis -driven experimentation, iterative product releases, and validated learning. Lean startup emphasizes customer feedback over intuition and flexibility over planning. This methodology enables recovery from failures more often than traditional ways of product development. Central to the lean startup methodology is the assumption that when startup companies invest their time into iteratively building products or services to meet the needs of early customers, the company can reduce market risks and sidestep the need for large amounts of initial project funding and expensive product launches and financial failures. Similar to the precepts of lean manufacturing and lean software development , the lean startup methodology seeks to eliminate wasteful practices and increase value-producing practices during the earliest phases of a company so that the company can have a better chance of success without requiring large amounts of outside funding, elaborate business plans, or a perfect product. When a startup company cannot afford to have its entire investment depend upon the success of a single product or service, the lean startup methodology proposes that by releasing a minimum viable product that is not yet finalized, the company can then make use of customer feedback to help further tailor the product or service to the specific needs of its customers.
Where Coffee Meets Bagel, the Dating App Startup That Turned Down $30M 'Shark Tank' Offer, Is Today
Governments Take a Lean Startup Approach
This question was posted to GrowthHackers. I provided a short answer on GrowthHackers and wanted to share an expanded version here. Trying to do this is generally very frustrating, expensive and unsustainable. And it is the leading cause of startup failure according to this very credible study. So the basic premise of the question is likely incorrect. One exception to this rule is if you have a network effect business.
The principles behind the pivot apply to any industry. With lean resources, fickle users and quickly changing markets, startups have the most to gain from pivoting, and the most to lose from missed opportunities. The reasons for changing course are often varied, and there are many factors to take into consideration when making the decision. Some companies have discovered that their products need to be significantly tweaked — or even scrapped all together. Others found that they had the right products, but have marketed to the wrong audience.
There are lots of ways to hustle your hiring on the cheap — here are five tips. Here's a good step-by-step outline. Review the profile of candidates coming through and arrange a short call with the ones of interest.