The Lean Startup Model Of Success

755 Words4 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…show more content…
Customers are only interested in a product that will satisfy their needs. It doesn 't matter to them what stage of development it 's in or how long it took to build. The feedback received in the second step of the process allows you to move into the third and last stage of the development process; building the product. Based on customer feedback, the company can revise any faulty product assumptions to create a better product. During the third step, the process begins all over again. Design changes and adjustments that comply with consumer suggestions take place now. Compliance with the feedback may only involve small adjustments to the basic MVP model, or they may need to pivot, throw out most of the basic pieces, and start all over again from scratch. Lean Startup cuts down on expenses by focusing on exactly how and where a company needs to invest its time and energy. This avoids any tendency to get hung up on unproductive actions such as clinging to stagnant processes or an unworkable product. Instead, the emphasis is to look at what has failed, accept it, learn from the experience, pivot if necessary, and move forward in a different direction. There is no room for finger-pointing or recriminations. Team members simply roll up their sleeves and continue working. The Lean Startup process relies on constant evaluations and validation of a product or service. This process is known as validated learning. Validated learning focuses
Open Document