Understanding The Lean StartUp Methodology
Many start-ups fail due to poor management, ignoring the power of testing a product before doing the primary production, undermining the authority of doing experiments with prospective customers, and doing things without getting feedback from the future market. The lean startup methodology clears away all those hardships for small startups by guiding them on what to do.
The lean startup methodology is running and structuring a business or startup by experimenting, testing, and iterating while mounting products based on your tests and
The lean startup methodology is designed to deliver products to customers at a faster speed to be tested, the supplies are provided in the form of a Minimum viable product (MVP), and the trying is usually done with an emphasis on product features that have been validated through customers’ feedback answers at different stages in the product development cycle.
The lean startup methodology allows the growth of businesses in a possible mini time; this allows the product developer to determine if the production model is feasible or viable. The lean startup methodology emphasizes product development based on client feedback by releasing a few products to the targeted market for using and testing while reporting to the developer about its effectiveness.
Here the aim is to avoid wasting resources and making mistakes at the start of production and during the expansion of production; this gives a company higher chances of producing a product that is in line with what people want, thus increasing its success. Therefore startups that use the lean startup methodology don’t suffer high losses and are likely to get good profits from the business enough to fund its operation without necessarily requiring external funding.
The success of this methodology relies on getting performance feedback about the first set of a product from clients; this aids the product developer to know what customers want and produce in that line, also aids you to make better improvements, informed decisions, recovers you from unnecessary spending on certain things that your customers may not want thus allowing you to use a few resources to produce what customers want while maximizing profits.
A lean methodology is a scientific approach based on testing; entrepreneur Eric Ries first introduced it in his book, entitled "How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Business." In his book, Eric put his emphasis around three core concepts that are; Build, Measure, and Learn. Let us look at each of these concepts and what each one of them entails regarding the lean startup methodology.
Initially, the methodology starts with creating or producing a minimum viable product, which is “Build,” this product has features entailed in it, the product is then served out to a few of your prospective customers for use and for testing its performance and also finding out whether it can be successful on the market. In summary, the building aspect of lean startup methodology entails creating a product and serving out to the marketing for testing its success; therefore, creating a small effect in the early days of your start is vital.
The other core concept of lean startup methodology is “Measure”; measuring involves critically analyzing your Minimum Viable Product outcome. Customer feedback should be used to evaluate the product's effectiveness and performance to see where to make adjustments and improve the product itself. Get to know that customer reviews towards MVP are quite good and promising. You can go ahead to improve the product sufficiently as you produce more for the bigger market. Still, if the customer reviews about your product are negative and demoralizing, then you should stop the production immediately before wasting a lot on it as you seek out what to do next. You can obtain customer feedback back in various means, for example; if your business is digital-based, then you can put a form or questionnaire review to be filled by customers after the use of your product and follow up with the client to ensure that you get that feedback then if you are giving out your product to your target market or in the nearby physical location, you can ask them physically by word of mouth about your product.
The last and core aspect of lean start-up methodology are “learning” from customer feedback; if you receive customer feedback, don’t just sit with it but instead review and learn from it, find out about what is working well for your customers so that you can maintain it or better it such that when you produce a final product, you are sure that the market will welcome it. Also,