The Lean Startup Summary: The Entrepreneurs’ Key
the lean startup review
In this article, I’m going to talk about the lean startup summary which is how you can create your own business after you got your idea. We want to take a quick look at how today businesses grow from scratch. So you are in a situation now that makes the most difference between a true entrepreneur and a fake one. Let’s get right to the point.
Meet Mr. Anderson
Mr. Anderson is a middle-aged man who has a few successful management experiences in a couple of companies. One day he founds himself not happy to work for other companies and he decided to run his own online store named “Andershop”. He works hard on the features that he thinks a great and useful online store should have. He puts a lot of time to analyze his opponents like Amazon and eBay. After a lot of not-sexy market research, he is finally done! He pays 30,000 dollars to a programming company to develop what he wants (ouch!). After six months of running Andershop, nothing happens! But why?! I will put it through the lights in just a minute but let’s take a look at Tom’s same project.
Tom is in his 20s. He doesn’t have any valuable management experience and he also decided to enter the competition. He wants to create an online store named “Tomstore”. But he cannot effort to pay the insane numbers to a programming company like Mr. Anderson. Instead, he decided to build a very simple online store and make it progress during the customers are using it in the way that the customers want it. After one year of working now, he has a valuable online store of course not as big as the Amazon but it’s profitable and that’s what matters. There is an unsolved problem remains, why Tom made it and Mr. Anderson didn’t?
Mr. Anderson vs Tom, fight!
What was Mr. Anderson mistake? He did all the reasonable tasks, why he missed? Well, the answer is in the customers. Mr. Anderson developed what he thought will work, but was it necessary what customers want? Of course not! In the other hand, Tom decided to develop “Tomstore” as the customers want it with the comments and other sorts of customer leading like Google Analytics. So Tom’s project went more successful and way cheaper so Tom wins. sorry Mr. Anderson, better luck next time.
The lean startup summary
Thanks to Erik Berg we have a methodology named lean-startup. The brine of lean-startup is so simple but worthy. lean-startup says that to start a business you should make a minimum valuable product (MVP) as quick as you can and let your customers use it. But it’s not over yet, now you have to find out and see what they want and your product doesn’t have, as soon as you find a problem with your product not satisfying customers, think and find a way to solve it and release the new version. You have to keep doing this cycle all the time that you are working on that project. Now you have a progressing product that has the potential of crushing the competition, congrats!
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