The Lean Startup
Eric Ries cleverly put together a methodology for start-ups and developing products in 2011. The main principal is to reduce waste time and money by utilising something called ‘validated learning’. The whole process revolves around a build-measure-learn methodology, which essentially encourages heavy testing of any initial product or start-up.
There’s a lot that can be taken from Ries’ methodology for so many kinds of businesses, not only start-ups.
Over and over again, many start-ups or new products begin with an idea of something they think people want. What’s forgotten is the need for developing what they call a minimum viable product (MVP), which requires the smallest amount of effort to complete, in order to see if the idea is something worth pursuing. What’s also great is with an MVP you can allow your early adopters to feed back on functionality they would be interested in seeing in your next release, which you may or may not have thought of previously.
There are 5 key principals of the book ‘The Lean Startup’, which I would recommend reading for further examples of Ries’ methodology, and where they have been applied over the years. These are:
- Entrepreneurs are everywhere
- Entrepreneurship is management
- Validated learning
- Innovation accounting
Read more about The Lean Startup principles and methodology here: theleanstartup.com/principles