The Lean Startup has become phenomenal in the world today. Based on a book by Eric Ries, the concept of the Lean Startup is now a thing in the world of startups and a proven way to transform ideas into great companies. In addition to following the Lean Startup principles, many founders turn to valuable sources online to guide their decision-making and growth strategy. One such online resource is entrepreneurshiplife.
These are the major principles involved in the Lean Startup process:
1. Entrepreneurs Are Everywhere
The first principle of the Lean Startup is that entrepreneurs are everywhere, you don’t have to start in a garage to be called a startup. In the times past we know that most big companies started in a garage and worked there, and were called startups. But today startups are not just about working in a garage. What you should learn from this principle is that there has never been a better time to innovate than today. Think big. Start Small. Scale Fast. That is the mentality behind this principle. If you have an idea, start small in your bedroom or wherever, then keep going.
2. Entrepreneurship is Management
This second principle is based upon the institutionalizing of a startup. Startups are not just products. Startups are institutions that teach you how to manage your institution. Following this, it warrants therefore that every startup be different from the other. That essentially means that the methods of managing startups today have to be geared towards the context. You have to manage your startup in a way that the methods are customized for your startup. For managing your young startup you can try a product management software. As its features like kanban
scrum and team alignment help you prioritise work and manage the team more efficiently.
3. Validated Learning
The Lean Startup is based upon a learning process. Learning is a very credible way of building your company. The proven assumption is that if you spend time building your product to what the customers want, continuously and diligently, you will most certainly never go wrong on the end product that comes after the process.
4. Innovation Accounting
In a startup, accounting levels won’t just be financial-based documenting revenues, losses, profits and sales, they will also involve what the Lean Startup refers to as “the boring stuff” like how to measure progress, how to setup milestones, how to prioritize work. This type of accounting is called innovation accounting. Account for the creative ways you are coming up with in your startup to solve problems. This will be important because it holds the entrepreneurs accountable especially when they are bootstrapping and have no investors.
5. Build-Measure-Learn
This is not just a basic Lean Startup principle. It could as well be the main thing. The process of building a big company is not easy. This principle guides you as an entrepreneur to build your minimum viable product (MVP) then build your big company around this MVP tweaking and tuning around it. Of course before tuning you must evaluate the effects and metrics from the people using the product and the market. So to sum it all up it is a process of build first, measure the product’s effects to consumers and the market, then learn and build again every single time taking into consideration the metrics you measured.
What do you think about these principles? Dropbox, Aardvark, Wealthfront, IMVU and Votizen are all successful Lean Startups that have transformed what started as a mere idea into a thriving business. Leave your opinions in the comments section below.
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