The Lean Startup method has consolidated as one of the most used methodologies by startups in recent years. Created by Eric Ries, this approach enables entrepreneurs to manage their companies in environments like the one we currently find ourselves in, full of uncertainty and change. It helps them shorten development cycles, launch products more quickly, reduce risk, and increase the likelihood of success.
Would you like to start using it in your startup? We'll tell you what it's all about.
The Lean Startup method’s stages
The Lean Startup method aims to minimize time and expense when creating a product or service. To achieve this, it relies on testing, iteration and continuous learning through a process where agility, efficiency and feedback are key. Applying this methodology, brings advantages such as:
- Being able to minimize launch risk. By creating MVPs, a key component of this methodology, entrepreneurs can reduce the time and expense invested in their products or services, thereby limiting the risk of investing in projects that ultimately won't be profitable.
- Accelerate the development process. Because it follows a process based on continuous learning, it allows for the development of projects in a more efficient way. In addition, it enables fast, agile, and flexible adaptation to changes.
- Create products that truly meet customer needs. Gathering information and feedback ensures that what is being created genuinely satisfies those needs and, therefore, will be viable in the long term.
The Lean Startup method has three key steps: build, measure and learn. These three steps unfold through the following stages:
- Define the consumer archetype. When you have an idea to solve an existent problem in society, you must create a buyer persona that allows you to put yourself in the shoes of your ideal customer and understand them better. This helps you grasp their needs and makes it easier to design an effective solution.
- Create an MVP. With a clear idea and your buyer persona defined, you can move on to creating the MVP. This methodology states that it should be developed as quickly as possible to receive initial feedback in the shortest time and with the least effort. In other words, this initial prototype doesn’t need to be perfect, but functional enough to be launched and tested.
- Measure the results. Through the launch of this first MVP, you need to measure the results in order to learn from them. Identify the positive aspects, mistakes and potential areas for improvement so you can adjust your MVP. After that, repeat the process as many times as needed to refine your product completely.
- Pivot. It’s possible that, even after completing the previous steps and adjusting your MVP several times, your product or service still doesn’t meet the objectives. In that case, pivoting might be the best option to ensure that your idea fits the market.
But what better way to learn more about this methodology than through the book that brought it to life? If you want to dive deeper into this interesting methodology and achieve great results, we recommend heading to your nearest bookstore and picking up The Lean Startup by Eric Ries.