Every day budding entrepreneurs are starting new companies in every imaginable sector of business, turning the world into a veritable sea of start-ups. Unfortunately, the likelihood of failure is incredibly high for every single one of these brave entrepreneurs, and even the most promising can crash and burn.
In order to be one of the survivors, you need to arm yourself with the knowledge of what it takes to make your start-up a success story. That is the crucial information that The Lean Start-Up summary can give you in just 20 easy minutes. You will learn why so many start-ups fail, and the “lean start-up” approach you can take to help your company not only survive, but thrive.
Here you can get a taste of the great advice this summary has to offer.
The Lean Start-Up summary reveals a major start-up challenge and how you can solve it
No matter how different individual start-ups may seem because of their unique products and fields, they share many of the same challenges. Here is one of the biggest challenges every single start-up faces, and the best solution to this.
Wastefulness through poor planning causes many start-ups to fail.
Many start-ups today are formed without a concrete direction, and they don’t have the discipline and management to make it. The problem is usually spending too much time and effort on developing a single aspect of the business, like the product, and not enough managing the other aspects of running a start-up long term.
Eventually this imbalance of attention and resources results in a failure before the business can even get off the ground. No matter what business you are in, too much time spent in any single area of managing your business is a waste that will bring you down. You need to tailor your plan and management style to your start-up’s unique needs to beat this common challenge, taking the lean start-up approach.
Reduce waste and increase value with small product releases.
One of the best ways to defeat wastefulness is to execute a series of small product releases that lead up to the big, final release. It may sound contradictory to produce more products to prevent waste, but by releasing a series of small products leading up to the finale, you can gather important information about your customers and, at the same time, test different aspects of what the final product will have to see how they perform.
This helps in both product development and marketing management, doubling the effectiveness of your work and eliminating waste.
Read the full Lean Start-Up summary to give your start-up a winning edge
Wasteful practices can spell the end of a start-up, but careful planning and using resources and effort to develop multiple aspects of your business at once will allow you to stay in the game. These are just a few of the great tips this summary can offer you to help make your business a success.
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