The Lean Startup Methodology is a business methodology that focuses on continual innovation to create and validate customer value. The 5 principles of this method are: creating the minimum viable product, validating early assumptions, developing a scientific mindset, building an iterative development process, and adapting new knowledge. In this blog post we will discuss each of these principles in depth!
The Lean Startup Methodology is a business methodology that focuses on continual innovation to create and validate customer value. The five principles of this method are: creating the minimum viable product, validating early assumptions, developing a scientific mindset, building an iterative development process, and adapting new knowledge. In this blog post we will discuss each of these principles in depth!
Creating the Minimum Viable Product (MVP)
A MVP is what you need to get out into the world as quickly as possible while ensuring it has enough features to be useful for customers and allowing them to provide feedback so you can make informed decisions about your company’s direction before investing any more time or resources into long-term efforts. An example of how important this aspect of the Lean Startup Methodology is can be seen in a startup called Fitbit. They began by producing just one simple product, an activity tracker that could connect to smartphones and tell users how many calories they had burned so far during their day up to show them if they were meeting their daily exercise goals. It was this MVP – which took about six months from initial idea conception all the way through design completion – that helped investors see enough potential in Fitbit’s company for it to get funding and grow into what we know today as a world leader of wearable fitness technology!
Validating Early Assumptions
A key aspect of any business venture is asking yourself: “why does my company exist?” In order to answer this question you’ll need to do a bit of market research before you start building out your product. Why are we in this business? What is the customer problem we’re solving, and how will our solution make them happy? This type of early validation takes time but it’s necessary to ensure that your company has staying power.
Developing a Scientific Mindset
The “lean” nature of the Lean Startup Methodology means being agile enough to change directions or pivot as needed when new information about customers becomes available. A scientific mindset encourages experimentation such as running small controlled experiments with potential features (the so-called minimum viable products) to see what generates traction among users.” When developing an MVP for their next startup idea, for example, two MIT students found that people were interested in using their company to solve the problem of coordinating group outings for friends. They quickly adjusted their initial idea, which was a website that let people search for possible activities and then book them if they liked what they saw, into an app called Tabsify where users could post potential events and either rent out or buy tickets at different prices depending on how much time remained before the event date.
Building an Iterative Development Process
Part of creating MVPs is understanding that there’s no such thing as perfect execution from day one – it takes some trial and error to figure out what works best for your business’ needs! The iterative development process encourages testing new ideas early by building successive prototypes based on feedback. This allows you to get closer and closer to what your customers want and need. It also speeds up the process of developing a product by allowing you to identify problems before they become larger issues that take more time fix!
Adapting New Knowledge
The last principle of the Lean Startup Methodology is adaptation, which relies on continuous learning in order to stay competitive with other businesses who are always innovating new products and services for their customers. One company who has successfully adopted this aspect of lean startup methodology into how it runs its business is YouTube – every day millions of people come across videos uploaded from all over the world about anything imaginable. That’s because Google acquired YouTube in 2006 when it was just three years old, making sure that new knowledge about online video consumption patterns could be incorporated into how the company operated.