{"id":171,"date":"2019-12-10T08:56:53","date_gmt":"2019-12-10T08:56:53","guid":{"rendered":"http:\/\/winatalent.com\/blog\/?p=171"},"modified":"2020-12-11T08:48:40","modified_gmt":"2020-12-11T08:48:40","slug":"mvp-building-the-core-component-of-lean-startup-methodology","status":"publish","type":"post","link":"https:\/\/winatalent.com\/blog\/mvp-building-the-core-component-of-lean-startup-methodology\/","title":{"rendered":"MVP Building: The Core Component of Lean Startup Methodology"},"content":{"rendered":"\n<p>By launching a new enterprise &#8211; whether it is a small startup or an initiative within a large corporation &#8211; businesses always set foot in an unknown territory. According to the old and conventional approaches, you have the idea, spend months on writing a detailed business plan, analyze the market, assemble a team, develop a perfect product, and start promoting it. Since this sequence of steps are extremely time-consuming and do not give you enough data to work with, there is a fair chance that you might suffer a fatal blow; just like 75% of other startups that fail according to statistics by Harvard Business School&#8217;s <a href=\"https:\/\/www.hbs.edu\/faculty\/Pages\/profile.aspx?facId=122194\">Shikhar Ghosh<\/a>. <\/p>\n\n\n\n<p>Our\nideas may appear brilliant to us, but their practicality is always\nquestionable. Luckily, a new methodology has emerged in recent years that can\nmake the process of starting a company less risky. It is called the &#8220;lean\nstartup&#8221; methodology, and it favors experimentation, customer feedback,\nand iterative design over the traditional approaches. The term &#8220;lean\nstartup&#8221; was first introduced by Eric Ries in his bestselling book The\nLean Startup in 2011. This methodology is a framework that startups can use to\ntest and grow their businesses and mitigate their risk of going forward and\nincrease the likelihood of finding a viable product. For startups to be lean,\nthey have to cut out any unnecessary parts from their product to save as many resources\nas they can.<\/p>\n\n\n\n<p><strong>But what exactly is the lean startup\nmethodology?<\/strong><\/p>\n\n\n\n<p>Startups\ncannot afford to have all of their investments depend on the success or the\nfailure of a single product, so the traditional approaches and planning a\nperfect product are rejected. In the lean startup methodology, the aim is to\neliminate wasteful practices and increase value-producing practices during the\ninitial phases of the company so that the company can have a higher chance of\nsuccess without requiring large amounts of resources and funding. Gauging\ncustomer feedback is integral to the lean startup process, as it ensures the\ncompany that it is not investing in an unwanted product. <\/p>\n\n\n\n<p>The\nmain features of the lean startup methodology are achieving <strong>validated\nlearning<\/strong> and building a successful <strong>minimum viable product<\/strong>. <\/p>\n\n\n\n<p><strong>Validated learning<\/strong> describes learning generated by trying out an initial idea and\nthen measuring it against potential customers. It follows a simple logic; if\nyou want to know an idea is feasible, you have to test it first and measure its\nsuccess through tangible metrics and a &#8220;get out of the building&#8221;\napproach. You should have definite criteria on what success is, for example, if\nyou are launching an app, the more downloads, the more favorable the outcome.<\/p>\n\n\n\n<p>The\nlean startup methodology also proposes producing an unfinalized version of the\nproduct as quickly as possible in the form of a <strong>minimum viable product (MVP)<\/strong>.\n<a href=\"http:\/\/winatalent.com\/blog\/2019\/12\/how-to-build-a-successful-minimum-viable-product-mvp\/\">We have talked\nabout building an MVP and its benefits on previous posts<\/a>. But to put it\nbriefly, an MVP is a miniature version of your product, and you release it to\ntest your fundamental business hypotheses and see how customers react. Building\nan MVP is a way to maximize validated learning and gather feedback and\nconfirmation from costumers. The lean startup methodology suggests that this\nprocess takes place as fast as possible because it saves time in case the\nproject fails; this leaves more time to pivot the project and build a new MVP.\nSo, if you ought to hit the ground, you better hit it running. <a href=\"http:\/\/winatalent.com\/blog\/2019\/12\/why-is-outsourcing-your-mvp-a-good-idea\/\">Offshoring and\noutsourcing<\/a> the MVP will also help minimize the time and effort and resources\nand keep the product development lean. If you are considering outsourcing your\nMVP to keep your startup lean, we offer services at <a href=\"winatalent.com\">WinATalent<\/a> that can help you achieve that.<\/p>\n\n\n\n<p>New\nventures rapidly assemble an MVP and immediately elicit customer feedback so they\ncan quickly choose one of these two options: whether to pivot or to persevere.\nIf they conclude that the idea is not working, they can change or even fire a\nplan or a product and structure a correction course. But if they reach a\ndifferent conclusion, they can make further adjustments and continue developing\ntheir product.<\/p>\n\n\n\n<p>Finally,\nthe lean startup methodology proposes a build &#8211; measure &#8211; learn loop strategy\nthat emphasizes on speed as a critical ingredient in product development. This\nstrategy is a learning cycle of turning ideas into MVPs quickly, gathering\ncustomers&#8217; feedback, and deciding to pivot or persevere; this cycle is repeated\nas many times as necessary.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By launching a new enterprise &#8211; whether it is a small startup or an initiative within a large corporation &#8211; businesses always set foot in an unknown territory. According to the old and conventional approaches, you have the idea, spend months on writing a detailed business plan, analyze the market, assemble a team, develop a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[15],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MVP Building: The Core Component of Lean Startup Methodology - WINaTALENT Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winatalent.com\/blog\/mvp-building-the-core-component-of-lean-startup-methodology\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MVP Building: The Core Component of Lean Startup Methodology - WINaTALENT Blog\" \/>\n<meta property=\"og:description\" content=\"By launching a new enterprise &#8211; whether it is a small startup or an initiative within a large corporation &#8211; businesses always set foot in an unknown territory. 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