The Lean Startup Model Of Success

755 Words Oct 7th, 2015 4 Pages
The hard, cold facts are 75% of all new startups end in failure, and most new products will tank soon after launch. This is not helped by the traditional business model which relies on speculation instead of concrete facts. With this method, startups begin with a product they think people will want. A lot of time and money goes into readying a product for market without obtaining a single customer feedback. Predictably, omitting this valuable advice often results in creating a product no one wants to buy. The Lean Startup model stresses that success is not a result of coming up with the right product at the right time. Instead, it states startup success is a process that is teachable.

With the Lean Startup model, the first steps involves coming up with a hypothesis that consumers use to give feedback on what they like or don 't like about the product and whether they 'd pay for such an item. The Lean Startup method resembles the Japanese lean manufacturing model which aims to elimination of waste, increase speed, lower costs, and improve quality. Lean Startup uses a three-step process geared towards deciding where to invest time and money. The three steps are; build, measure, and learn. Primary goals of the process are to decide if this product that needs building, and to figure out how to create a product consumers will buy.

Step one involves coming up with a prototype known as the Minimal Viable Product (MVP) so the consumer testing process can begin. Potential…
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