Got a brilliant business idea? And… it won’t let you sleep? Finally, you've decided to brave it out :).
Well, the good news is you are on the ball & there is a high chance that you will make it!
But… the good news ends just there, did you know 75% of all startups fail?. Sadly, the majority of the startups that fail have good ideas. The most important thing they lacked was a structure and a discipline.
No… I didn’t mean to scare you; I promise in the rest of the article I will talk about how to navigate your way out to success .
Move fast and break things – the way to go for startups, has this been your hustle too & you’re struggling? If so, you aren’t alone a lot of startups are living in this chaos. However, in 2020 & beyond it doesn’t have to be that way. Enter “The Lean Startup”
Enough of talking now, let’s get into the weeds of it.
So, why go The Lean Startup way?
While starting any new venture is risky, the Lean Startup Methodology developed by Eric Ries provides a scientific approach which is less risky and will help you bring your product to market in a cheaper, faster and predictable ways.
“Startup success can be engineered by following the process, which means it can be learned, which means it can be taught.” - Eric Ries
The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, when to persevere and grow a business with maximum acceleration.
Responding to rapidly changing market conditions create a very difficult environment for startups where they have to adapt frequently. The Lean Startup approach provides a structured model for startups wherein they can build iteratively in smaller batch sizes, validate the product continuously rather than going full throttle; adapt and survive rather than crash and burn.
The focus is on eliminating the uncertainty, providing structure, continuously validating the product by engaging with the customers early and at speed.
“Fail early, fail often, in order to succeed sooner.” – Tom Kelley
1. Find your Startup Idea
This is where it all starts, you need to be absolutely sure if the business idea revolves around a problem worth solving. The “billion-dollar idea” fairytale can disappear if there are no customers who want to pay for it.
The Lean Startup methodology does not focus on if this product can be built? Instead, it focuses on “Should this product be built?” and "Can we build a sustainable business around this set of products and services?"
Finding a new idea could be tricky, therefore it’s important to focus on this.
Some of the questions to answer are:
- Who is your target audience?
- What problems will it solve?
- Which features are at the core of the product?
2. Execute your Idea
“As you consider building your own minimum viable product, let this simple rule suffice: remove any feature, process, or effort that does not contribute directly to the learning you seek.” ― Eric Ries, The Lean Startup
Now, it’s the time to build a MVP (Minimum Viable Product), this is a version of your product built in a minimalistic way to showcase the core capabilities. 60% of features are never used at all, therefore they are redundant, and you must eliminate them at the beginning.
Defining and executing an MVP could be tricky, it could just be a simple idea or a working prototype or a running product in the hands of customers. So, it’s rare that your MVP will fly for the first time, the reality is you will need to iterate over its multiple times, collect feedback, analyze and improve.
3. Validate your Idea
“Startups exist not just to make stuff, make money, or even serve customers. They exist to learn how to build a sustainable business. This learning can be validated scientifically by running frequent experiments that allow entrepreneurs to test each element of their vision.” ― Eric Ries, The Lean Startup
Validating your product with the customers in the market is key in building a successful Lean Startup. At this stage, you experiment with your business idea in the real world with real customers in the marketplace be it early adopters or otherwise. The intent here is to see if your idea is viable and to gather the information that you can analyze.
With all the MVP test results data & analysis under your belt, you are all set to make data-driven decisions.
If you have received a lot of good feedback, then continue to build the product as per your original strategy by incorporating the feedback.
If there is some positive and some negative feedback, then you should tweak the product and improve it as per the received feedback.
And, if there is a lot of negative feedback then its perhaps time to pivot.
Irrespective of feedback, you are winning here – either you will ride high, or you will fail, fast & cheap!
The Lean Startup methodology is an excellent choice for entrepreneurs, providing them a structure that can help them build a product in the shortest amount of time and ensures that the product is being built to solve a real customer problem through experimentation and validated learning. However, there is no one-size-fits-all approach here, and navigating through the maze of establishing a Lean Startup isn’t easy!
Here, at TheStartupbros, we use tailor-made and personalized strategies borrowed from the likes of The Lean Startup approach and other massively successful strategies blended with our years of experience in this space. For example, in the current scenario, there is no way you can get funding on your validated MVP instead you need to build something that sells and acquire paying customers before anyone commits a dollar on your business .
The reality is, unlike the big names and startups are often cash strapped. A brilliant idea without a brilliant execution often leads to failures. At TheStartupBrops, we help the new ventures & established startups turn their ideas into reality with our battle-tested approaches and at great speed.