Lean Startup Training Kit

Launching a new enterprise, whether it’s a tech start-up, a small business, or an initiative within a large corporation, has always been a hit-or-miss proposition. According to the decades-old formula, you write a business plan, pitch it to investors, assemble a team, introduce a product, and start selling as hard as you can. And somewhere in this sequence of events, you’ll probably suffer a fatal setback. The odds are not with you: As new research by Harvard Business School’s Shikhar Ghosh shows, 75% of all start-ups fail.

What Is “Lean Startup” Methodology?

• A lean startup is a method used to find a new company or introduce a new product on behalf of an existing company. The lean startup method advocates developing products that consumers have already demonstrated they desire so that a market will already exist as soon as the product is launched. As opposed to developing a product and then hoping that demand will emerge.

• The lean startup methodology is a method of managing and building a business or startup by experimenting, testing, and iterating while developing products based on findings from your tests and feedback.

• This method of business management and product development is designed to deliver products to customers at a quicker pace (often tested in the form of an MVP by focusing on product features that have been validated through explicit customer feedback at various stages in the product development cycle.

• A Startup is an organization dedicated to creating something new under conditions of extreme uncertainty.