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.

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