Five key principles of The Lean Startup method

The philosophy behind the lean startup principle was introduced to us by lecturer Timo Luukka, whose expertise in marketing and social media are to the largest extent. He gave us his precious time and held an interesting training session in the premises of our co-op.

Luukka started the session with a simulation, where one of the students came up with a business offer and everybody else had to imagine themselves being a part of a management group of a cleaning company. We were guided to take notes from the presentation and decide as individuals whether to accept the offer or decline it. In my opinion the simulation gave a really good kick start for the entire training session and the topic itself.

The simulated exercise and discussion was followed by a power point presentation which took us deeper to the core of the lean startup method. Luukka also introduced us to a book called The Lean Startups by Eric Ries. I was more than thrilled that this piece was written in English. So not only was the topic of the book fascinating, but also authored in a language that intrigues me more than anything. As efficient as I usually like to be with books, I didn’t feel like reading it through from cover to cover. Instead, I really tried to get the hang of the whole concept as intensively as possible and get a learning experience of some sort, without rushing into the details too quickly and not to overwhelm myself with too much information at once.

The following five facts are the main principles of the lean startup method. These valid points will give you a quick demonstration of what the entire concept is about. I’m intended to learn more about this topic this upcoming spring semester.

  1. ‘’Entrepreneurs are everywhere’’

Ries claims that you’re not obligated to own a business to be considered as an entrepreneur. Entrepreneurs are found everywhere regardless of the size and sector of the business.

 

  1. ‘’Entrepreneurship is management’’

A startup is so much more than just selling products or service. It’s an institution that constantly grows and changes because the markets are getting more and more uncertain and extreme. Only people who are adept enough to react the market changes should be called entrepreneurs.

 

  1. ‘’Validated learning’’

Learning how to build a sustainable business is a major benefit to creating a startup. It’s more than just creating products, making money and serving customers!

 

  1. ‘’Build-Measure-Learn’’

The key idea behind every startup is turning ideas into products, measuring customer feedback and then learning from it to make the crucial changes that constantly varying markets are demanding. This so called ‘’feedback loop’’ should be applied as often as possible.

 

  1. ‘’Innovation accounting’’

Measuring progress, setting goals and learning how to prioritize tasks will help to improve entrepreneurial outcomes and keep innovators liable and to challenge themselves.


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