Milestones need to be setup, and ways to measure progress need to be determined. To have success with a startup, you have to focus on innovation accounting. On the other hand, if you spend a year developing a product that is perfect in your eye and then you find out after the release that nobody wants it, you have wasted a year instead of only a month or two. This may seem like a bad idea, because what if the product has bugs in it and it fails because of the quick release. The concept behind The Lean Startup is to create an MVP (Minimally Viable Product) and get it out to some customers quickly so you can get feedback and learn what those customers want. You have learned what the customer doesn’t want. The time might seem wasted but you have learned something. You might spend time developing a product only to find out that nobody wants it. They just need a different kind of management.
Most people think of management in a stable environment, as in a well-established company, but startups also need management. Entrepreneurship is Management:Īccording to Ries, Entrepreneurship is the management of dealing with extreme uncertainty. Large companies can have entrepreneurs and startups within their company. Entrepreneurs are Everywhere:Īn Entrepreneur does not have to work for themselves and a startup does not have to be based in a garage. Below are the five principals to the Lean Startup Method. Ries’ method is a simple approach to new product development without wasting time on an elaborate business plan. The Lean Startup by Eric Ries is a must read for any entrepreneur, manager, or small business owner who is interested in launching a new product or service.
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