Advantages of a Lean Start-Up

 

Lean Startup pic

Lean Startup
Image: investopedia.com

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.

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