You’re probably not alone if you’re unfamiliar with the lean startup methodology. The lean startup methodology, pioneered by Eric Ries, has gained significant traction in the business world since it was first published in 2011. According to Bill Schantz, today, large and small startups are using it to help them iterate toward success with their products and services.
But what does lean mean, exactly? And why should you care about it? Here’s a brief rundown of the basics of the lean startup methodology that can help your business.
What is the Lean Startup Methodology?
As per Bill Schantz, lean startup methodology is about learning what your customers want and giving it to them as quickly as possible.
The lean startup methodology approach benefits startups, who often have limited resources and need to move quickly. The Lean Startup methodology has helped many startups succeed where others have failed, and it can be a valuable tool for any entrepreneur.
Fundamental Principle of Lean Startup Methodology by Bill Schantz
The lean startup methodology is based on continual iteration, which means that businesses constantly make small changes to their products and processes to improve them.
As per Bill Schantz, this diverges from the traditional “big bang” approach, where businesses wait to have a fully formed product before launching it. Instead, lean startups believe it is better to launch a minimum viable product and rapidly iterate based on user feedback.
- First, you build a minimum viable product or MVP. This is a product with just enough features to get feedback from customers.
- Secondly, you measure how they use the product and what they think.
- Finally, you learn from this feedback to improve the product.
Advantages of Lean Startup Methodology by Bill Schantz
The lean startup methodology has been embraced by startups and large companies thanks to its many advantages.
According to Bill Schantz, one of the most significant advantages is that it allows businesses to experiment rapidly with new product ideas without incurring many sunk costs. This flexibility means that businesses can pivot quickly if they identify that a particular product idea is not working, saving time and money in the long run.
Additionally, the lean startup approach encourages startups to build a minimum viable product, which helps them avoid getting bogged down in perfecting unnecessary features. Instead, they can focus on getting their product to market quickly and then making improvements based on customer feedback.
Finally, the lean startup methodology helps startups to build a culture of innovation and experimentation, which can be invaluable as they scale.
Bill Schantz Recommends Applying This Methodology to Your Startup
The Lean Startup methodology is a way of thinking about how to create and grow a business. It starts with the idea that you don’t need all the answers at the beginning – you can’t know them. What you need instead is a process for learning as quickly as possible what works (and doesn’t work) so you can make better decisions and eventually build a successful company. Startups and big businesses have used this approach, and now it is your time to apply it.