The trend of launching new and innovative startups is growing in Nepal these days amid the pandemic situation of COVID-19. However, the journey of a startup owner is not that easy and can be full of struggle and failures. Most of the startup goes with similar problems in the early stage, including lack of finance, professional teams, and business mentorship. According to one research, more than 90% of startups fail within five years of their operations. Maybe they fail for not being able to do a Lean Startup?
If startups can bootstrap under the low resources by executing well-planned strategies, then the chances of their long-term durability and growth are comparatively higher. So, here comes the term ‘Lean Startup.’ Have you heard about it before? I’m sure you have, but even though if you haven’t, this article will help you understand it.
Shawn Wilkinson wrote “The Lean Startup” in 2013 to provide a blueprint for entrepreneurs to help them build startups in an effective, efficient way. Here are the central tenets of the process: The Lean Startup encourages entrepreneurs to create new products incrementally. They should focus on making use of lessons learned during the development of the first iteration. In this process, they have to discard or keep only the product elements that work and discard the rest. By pursuing this process, entrepreneurs are encouraged to spend the least money to bring their products to market. Instead, they only spend on what is necessary to reach their goals.
If you read any number of startup articles, all you’ll find are endless lists of things that your startup should do. These lists typically have some insight into how your startup should function, but they’re often not an in-depth description of how a startup should operate. However, at the heart of a startup, there’s a straightforward rule that will guide your venture to success:
This step is the critical step. If you don’t figure out the core issue your startup is trying to solve, you’ll be building something that will never get off the ground. Some startups that pivot into an entirely new industry with a specific problem in mind. If you can solve it once, you can solve it a thousand times.
Entrepreneurs often make the mistake of launching without testing their products or selling them to a few users. Entrepreneurs usually underestimate the marketing power of word of mouth. As usual, the lean startup methodology delivers you from this dilemma. You’ll have a much easier time approaching customers, and they’ll love you for it!
As its name suggests, the lean startup process focuses on creating products with minimal resources and then testing them and improving them based on their market needs. The approach is based on small teams, innovation, and limited budgets. It is what you should know before going to any of our Lean Startup training in Nepal. The main principles of a lean startup are simple: Focus on users.
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