What is a Lean Startup?

And Why it is Important for Survival

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Lean Startups

The essence of Lean Startups The main idea behind the Lean Startup is that startups should minimize wasting time and energy on things that may not be viable. You should spend as little as possible on your idea in order to validate it. If your idea doesn’t work out, you’ll save yourself a lot of time and money. Ries explains this concept with his famous Build-Measure-Learn loop (or Build-Measure-Learn feedback loop).

How to apply Lean Startup concepts to non-tech startups

While Lean Startup principles are mostly used by tech companies (because they are easier to measure), you can still apply them even if you’re working on a non-tech business project:

Ask yourself what would happen if your project doesn’t work out at all . How much time and money would be wasted?

What are all possible solutions?

If you have an idea for a company or product, think about all possible reasons why it might fail and try to fix them before actually investing time and money into it — don’t waste your resources on something that might never happen or won’t be profitable enough.

Will they really buy it?

In what price range?

This way, you’ll learn how many resources you will need to launch your product.

Set up SMART goals

This is an essential step in any kind of business but most importantly in startups, where you shouldn’t waste time and money if your ideas won’t work out. Set yourself a goal and make it SMART:

Specific — what exactly you want to achieve;

Measurable — how you will measure your progress;

Achievable — what will be the result if the goal isn’t achieved;

Relevant — what makes this goal important for your business;

Time-bound — when do you plan on achieving it.

This is an essential step in any kind of business but most importantly in startups, where you shouldn’t waste time and money if your ideas won’t work out. Set yourself a goal and make it SMART:

In summary

Lean Startup is a startup methodology that helps you validate your ideas and learn about your market before actually launching it. It helps you save resources and decrease the risk of failure. You can apply it to any kind of company or project as long as you’re persistent enough to learn from your mistakes.

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.