So when you are planning startup a new enterprise, you do have a list of things that you plan on checking before the launch and continuously do monitor if the plan is working accordingly. You actually have taken a hell lot of time on planning everything out, setting up a production team, launching the product or service and actively have start selling.
Now you also take time to notice that something is not working out as per your plan but again you and your team fail to realize which part it falls into. Now you know you are travelling fast towards a setback but you don’t have any mitigation plan in hand yet. Now according to a recent research you are not alone in this situation. Almost 75% of new start-ups are not successful, is what a study reveals.
Now is a time, when there is a simple solution to every problem in the universe. A new concept called The Lean Startup’ has emerged and it favors all the entrepreneurs. It promotes experimentation and the concept of Iterative model rather than the traditional set up of the business. It also emphasizes on customer communication thus minimizing the bandwidth between what is expected and the actual outcome.
Read also Product Development strategies – Lean Startup!