An Introduction to the Lean Startup

 

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Lean Startup
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With a BA from Cornell University and an MD from Columbia University, Josh Gibson serves as an executive coach in the San Francisco Bay Area, where he guides management professionals in incorporating emotional data to develop strong teams. In his consulting service, Josh Gibson employs the Lean Startup methodology.

A scientific approach created by Eric Ries, the Lean Startup focuses on achievement through communication with potential customers. Entrepreneurs who follow this method begin by asking whether a certain product should be created and whether they can construct a sustainable business around it.

Lean Startup methodology also relies on a continual feedback process. Once startups choose and develop a minimum viable product (MVP), they must employ metrics to test its sales efficacy.

Essentially, the Lean Startup places experimentation above the development of an extensive business plan. Because many carefully constructed business plans fail once they meet the reality of the consumer world, the Lean Startup encourages quick testing from hypotheses and creates a business model through interaction with potential customers.

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The Importance of Emotional Intelligence for Team Building

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CAREERS
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Josh Gibson earned his BA from Cornell University and his MD from Columbia University. Now serving as an executive coach and business consultant in San Francisco, Josh Gibson assists clients in integrating emotional intelligence into successful team building.

“Emotional intelligence” is a term developed by researchers John Mayer and Peter Salovey that is defined as a capacity for understanding and handling emotions in yourself and in others. Emotional intelligence plays an important role in teams because interactions between people in teams often rouse emotions.

Emotional intelligence can greatly enhance team efforts due to an increase in trust and motivation. Evaluating team strengths through personality tests and emotional intelligence assessments plays an important part in building a team.

Good teamwork requires a strong team leader who can act as a facilitator and keep everyone engaged. The more aware that leaders become of their own strengths and the strengths of their individual team members, the more they can use these traits to work toward a common goal.

Self Awareness and Achieving Proper Work-Life Balance

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CAREERS
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Josh Gibson has a background as an MD and guides a San Francisco consulting practice that helps integrate emotional data in creating dynamic, high-functioning workplace teams. Josh Gibson also has experience enabling individuals to achieve fulfillment through a positive work and life balance.

As reported in Fast Company, finding this balance eludes many, with a 2015 study in American Sociological Review revealing that more than 70 percent of US workers struggle to achieve work-life balance. This is particularly true in the contemporary professional environment, in which digital devices have made people accessible to employers and coworkers nearly 24 hours a day.

One aspect of developing work-life balance involves fostering habits of conscious choice, rather than letting things go until there are no other options. This involves continuously assessing situations and making changes as required.

At the same time, success should not be defined by others but rather by one’s own terms. By maintaining a strong sense of individuality, and accurately assessing personal skills and potential, it is possible to avoid situations that overwhelm and prevent progress from being made.

Keep in mind that it can be difficult to assess work-life balance from the outside, as each person has his or her own internal way of functioning. While different individuals’ actions may seem skewed to one extreme or another, if these people are consistently productive and content, that may simply be the balance that works best for them.

The Basics of the Lean Startup Methodology

 

Lean Startup pic

Lean Startup
Image: investopedia.com

Josh Gibson graduated from the Columbia University College of Physicians and Surgeons with an MD. Today, in his capacity as a consultant and executive coach, Josh Gibson focuses on project management, team development, emotional intelligence, and lean startup methodology.

Lean Startup methodology helps entrepreneurs by giving them structure as they seek to get a product to market. One of the common pitfalls associated with starting a business is that entrepreneurs can spend excessive time perfecting a product without showing it to potential clients to see if they would truly be interested in it.

To avoid this mistake, lean startup methodology helps entrepreneurs determine whether a product should be created and whether they could develop a sustainable business around it. Another key component of the methodology is the creation of a minimum viable product (MVP). Entrepreneurs also ask the Five Whys, a series of questions that helps them identify problems and address them as needed.

Moreover, central to Lean Startup methodology is the concept of validated learning, a strategy used to assess progress. Entrepreneurs can use it to determine whether they are building the right product and can continuously adapt their plans as needed rather than waiting for a beta release to make critical decisions.

Advantages of a Lean Start-Up

 

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Lean Startup
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Josh Gibson earned an MD from the Columbia University Vagelos College of Physicians and Surgeons and now serves as an executive coach and consultant in San Francisco, California. To assist entrepreneurs, Josh Gibson implements the lean start-up system.

An entrepreneurial methodology, a lean start-up strives to expedite the business inception process and eliminate the uncertainty that plagues many new businesses by seeking and implementing consumer feedback throughout the development process. This differs substantially from the traditional method of starting a company, in which the entrepreneur authors a business plan and develops a product with minimal external input.

Because the typical business plan involves so many unknowns, it often falls apart when the company reaches out to its first customers. When the company’s entire trajectory is based on this plan, recovery from the initial roadblock can be challenging.

A lean start-up company seeks to avoid such difficulties by integrating development with consumer feedback. The company develops the project in small, rapidly executed stages and presents each stage to potential customers, who also weigh in on marketing, distributing, and pricing. The start-up can then adjust the product and the business plan according to the feedback, so that when the company goes to market, it is ready as can be.

Achieving a Lean Startup Methodology

 

Lean Startup pic

Lean Startup
Image: investopedia.com

Josh Gibson is a respected San Francisco businessman who holds an MD and has a background spanning health technology. With a consulting focus, Josh Gibson emphasizes a lean startup methodology that generates innovative solutions to challenging issues.

As described in a Harvard Business Review article, starting a new company is a hit-or-miss undertaking. Conventional wisdom is that a five-year business plan must be pitched to funding partners generate traction, build a team, and expand.

Lean startup planning involves an assumption that five-year plans are unlikely to hold traction in the real world, as strategies rarely make it past the “first contact with customers” stage. In addition, startups do not follow the same rules as larger, better-established companies. Rather than proceeding according to master plans, they move from “failure to failure.” Through trial and error, they gain flexibility and exert constant improvement on the original concept.

Lean startups also use an agile development model, which focuses on the elimination of wasted effort through incremental product development. Undertaken in tandem with customer development, a positive real-time feedback loop that allows products to be assessed and refined while they are in the initial development phases is generated. Stages of growth do not take place linearly, but involve the short, repeated building of products that benefit from user perspectives.

Increased Competition for Larger Companies in a Lean Startup Era

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Lean Startup
Image: investopedia.com

Possessing an MD and experience in health technology through his work with Quartet Health, Josh Gibson has extensive knowledge of venture growth strategies. Josh Gibson’s management consulting experience involves creating lean, agile companies.

As reported in Forbes, the December 2017 Drucker Forum in Vienna underlined the importance of adapting strategies to a rapidly evolving business landscape. One jolt to the establishment involved General Electric CEO Jeff Immelt losing his job, despite a lean startup innovation effort that spanned multiple years.

One aspect of this equation centers on evolving board expectations. It is growing less clear what the primary target of corporate boards is: net assets, profits, or growth. Priorities may not be centered on the specific portfolio company itself. This reflects the growing importance of activist investors who exert outsized influence, considering the small percentage of the company they actually own.

Another aspect of the equation centers on such disruptors as Airbnb and Uber, which have achieved growth through flouting regulations that more-established industry players must follow. Flush with money, they effectively employ advanced technologies to rewrite the rules. With large corporations not always able to re-orient to smaller threats, despite applying lean startup strategies, growth companies focus on engineering agility and quick product turnaround into their cultures.