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HomeHomework HelpentrepreneurshipLean Startup Methodology

Lean Startup Methodology

The lean startup method involves a learning-by-doing approach for iterating early-stage business ideas. It focuses on hypothesis-based probing and business idea convergence to reduce uncertainty and improve business viability. The method emphasizes testing key assumptions and team composition.

beginner
3 hours
Entrepreneurship
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Overview

The Lean Startup Methodology is a powerful approach for entrepreneurs looking to innovate and create successful businesses. By focusing on rapid experimentation and customer feedback, startups can develop products that truly meet market needs. The core principles, such as the Build-Measure-Learn cyc...

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Key Terms

Lean Startup
A methodology for developing businesses and products that focuses on shortening development cycles.

Example: Many tech companies use the Lean Startup approach to innovate quickly.

Minimum Viable Product (MVP)
A product with just enough features to satisfy early customers and provide feedback for future development.

Example: Dropbox started as an MVP to test user interest.

Build-Measure-Learn
A feedback loop that emphasizes building a product, measuring its success, and learning from the results.

Example: Startups use this loop to refine their products based on user feedback.

Validated Learning
A process of demonstrating progress through validated learning rather than traditional metrics.

Example: Startups track user engagement to validate their learning.

Pivot
A fundamental change in the product strategy based on feedback and learning.

Example: A company may pivot from a B2C model to a B2B model after market testing.

Customer Development
A process of understanding customer needs and validating business ideas.

Example: Interviews with potential customers help in customer development.

Related Topics

Agile Methodology
A flexible approach to project management that emphasizes iterative progress and customer feedback.
intermediate
Customer Development
A process for understanding customer needs and validating business ideas.
intermediate
Business Model Canvas
A strategic management tool for developing new or documenting existing business models.
intermediate

Key Concepts

Build-Measure-LearnMinimum Viable ProductValidated LearningPivot or Persevere