The Lean Start Up
This conception was brought into existence by two personages Steve Blank and Eric Ries. Eric’s book named ‘The Lean Startup’ introduces the concept of lean startup and elaborately discusses the scopes, opportunities and facts related to it.
Now, how much do you know about a lean start-up? You have definitely heard or read about it somewhere as it is one of the trending topics among entrepreneurs recently.
What exactly is this lean startup?
In very simple words it can be defined as a postulation which articulates that entrepreneurs must develop business models, strategies, analysis and conduct demonstration while they are still developing the products and services. Usually, a normal start-up will first set the blueprint i.e. it will take decisions and make necessary arrangements in advance before launching itself into the market. But a lean startup launches itself first and keeps on structuring its idea and plan of actions as it moves forward.
The main objective of a lean start-up is to cater to the demands of the customers and clients. It generates services and products based
It strongly believes in cutting down the cost and time invested in the planning and try-outs that other startups practices.
The three basic steps that a lean startup follows are:
• Find a Business Idea.
• Execute the Business Idea.
• Validate the Business Idea.
Basically, lean startup prefers performing its experiments on the existing circumstances. It develops its stratagems based on the results or outcome of its previous actions.
The lean startup encourages to be hot on heals after success. It emphasises on the importance of success rather than passion or a defined objective. This, however, is not how an entrepreneur’s attitude should be. Many researchers have concluded that businessmen with such ideology may not sustain for long in the market or fall prey to unscalable circumstances. And since entrepreneurs would be running after achievements, many prosperous ideas may remain unattended. And this win-or-die kind of aspiration may exhaust many enthusiasts.
However, the lean startup has gained utmost attention of entrepreneurs. Many big corporate companies are also seen adopting this methodology to meet ends and achieve success. We need to remember that every single thing that exists in this earth has got its positive and negative aspects, the only thing we got to do is to receive the positive aspects favourably and overhaul or turn down the negatives. Perhaps the sensible use of abstraction and a well-planned strategy can definitely lead to success no matter what.
“In the Lean Startup model, an experiment is more than just a theoretical inquiry; it is also a first product.” ― Eric Ries.