Many people think that startup is all about great idea, a idea that can give them overnight success. But they fail to realize that we are not living in a static environment but dynamic environment. In this dynamic environment, there is a lot of uncertainty. Many people who follow traditional management system waste their time in planning, market research, power point presentation and once it done, they take assumption based decision. They measure their success based on vanity metrics.
According to author Eric ries , startup is an human institution that build product or services under a condition of extreme uncertainty. The most important question a Entrepreneur musk ask to himself is not about “Can we build this product or not?” but “should we build this product or not?” Startup is all about learning fast as much as you can as compare to your competitor and outnumber them as fast as you can.
How can you achieve this?
The answer is Lean methodology. In Lean startup, when you have idea for a startup, then on the basis of that idea you build a MVP( Minimum viable product). A minimum viable product is a kind of product which you build at minimum price and you add only few key features in MVP which you think is the most attractive feature. After this, your job is to sell it to your early adopters and collect feedback from them. On the basis of feedback of your first early customers, you decide to pivot or persevere. Persevere means if your first early customers give you positive feedback then you go with your idea or progress with your idea, your product and strategy. And if your customers give you negative feedback then you pivot means you modify your idea, your product according to customer needs and desire. This process will remain continue until or unless your customer is ready to pay for your product or services as soon as possible.