The Lean start up principles – What do Entrepreneurs need to understand?

The main idea behind the Lean start up methodology is not eliminating waste alone but also uncertainty. Many start ups fail because of this. The product is designed and developed without completely understanding what the customers want and it yields mostly in dissatisfaction and thus failure. Also to concentrate on smart work rather than working hard eliminates wastage.

Designing an MVP, a most viable product and introducing the concept of Validated learning further will help every start up steer towards a steady victory. One important principle of Lean start up is to understand that – ‘Entrepreneurs are everywhere’. A start up doesn’t essentially mean it has to be a Garage or a coin molding firm; it could be anything like release of a part of the service for a charted accountant. It still is a product launch and requires every attention to detail similar to starting a news paper firm.

The second thing that every entrepreneur needs to remember for the second principle is that ‘Entrepreneurship is management’. For every start up, a new management needs to be developed which should rigorously stick to context and manage every single detail planned. Even for a small product launch, the same holistic approach needs to be followed for it to turn out successful.

Read also What Actually Goes Into A Lean Startup!