What is the Lean Startup Method?
What is the Lean Startup Method
The lean startup method is a scientific approach to creating and managing startups. It has been developed by Eric Ries in his book The Lean Startup, where he introduces this new management paradigm that focuses on two key things: speed and innovation. Businesses can use it to build their product while aiming for maximum customer-valued results with minimal wasted effort.
Sprints & Sneakers has taken quite some inspiration from this method. The fast-paced & iterative nature has helped us growth hack our customers. We believe it is a must know method for everyone who is an entrepreneur or growth hacker.
The lean startup method has three steps, build, measure and learn. It is made up of the following components:
The steps within the Lean Startup Method
1. Build your MVP
An Minimal Viable Product (MVP) product should be built to begin testing with customers as soon as possible to start learning what your audience wants. This helps you avoid building a solution in search of a problem for an unknown market.
2. Measure behaviour
Once the MVP is built, you need to start measuring and testing it with customers. It’s important that you get feedback from your audience as soon as possible so any changes can be made for future iterations of the product or service. This will help avoid building a solution in search of a problem once again. With each iteration and improvement you’ll be able to learn more about your audience and their needs.
3. Learn from the data
– Learn – By now, there should have been a few iterations of the product or service so what’s next? Well it’s time for learning from those changes as well as applying them to future versions of the MVP. The idea here is that every change you make to your product should increase customer-valued results. If it doesn’t, then you’ve got to go back and start over again with the build step until you discover what does work. It’s important that businesses don’t give up during this stage because each iteration is another opportunity for improvement.
I hope you have got a quick understanding of the lean startup method. It makes a difference for businesses when trying to find new opportunities. Research has shown that it can be difficult for many companies to come up with an idea worth pursuing because they don’t know what customers want or need at any given time. If you think about how much effort goes into finding out if your idea is worthwhile (or even viable), then it’s easy to see why so many entrepreneurs turn back before getting too far down their path of discovery. But the good news is there are methods available – both online and offline – which make working through these challenges easier than ever before!
Note: This blog post has been written by an AI