This canvas will show how the company creates value for its customers. First: before launching your product, instead of consolidating a long report (the Business Plan), you are going to use a Canvas to build your business model.“Every activity that does not contribute to learning about customers is a form of waste.” Eric Ries That said, it’s important to reduce or eliminate any and all wasting part, whether they are time, cost, or resources. It’s necessary to work on manners to identify systematically the waste in every and each step of production, sales, and after-sales. Based on the answers obtained, it aims for new versions and adjusts until it finds the ideal product. With this data collected, the startup creates a minimum viable product (MVP) and ask for customer feedback as quickly as possible. In short, in this methodology, the company begins by getting to the market to ask the opinion of potential customers about all elements of the business model: product features, price, distribution channels and economic strategies. It involves identifying and eliminating waste in all the processes, from research to production. The word “lean”, here, has been applied by Eric Ries, Harvard Business School researcher, towards avoiding waste. Differences between the Lean Startup and the traditional business plan.This requires a new kind of accounting designed for startups-and the people who hold them accountable.
To improve entrepreneurial outcomes and hold innovators accountable, we need to focus on the boring stuff: how to measure progress, how to set up milestones, and how to prioritize work. All successful startup processes should be geared to accelerate that feedback loop. The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. This learning can be validated scientifically by running frequent experiments that allow entrepreneurs to test each element of their vision. They exist to learn how to build a sustainable business. Startups exist not just to make stuff, make money, or even serve customers. In fact, as I will argue later, I believe “entrepreneur” should be considered a job title in all modern companies that depend on innovation for their future growth. A startup is an institution, not just a product, and so it requires a new kind of management specifically geared to its context of extreme uncertainty. That means entrepreneurs are everywhere and the Lean Startup approach can work in any size company, even a very large enterprise, in any sector or industry. The concept of entrepreneurship includes anyone who works within my definition of a startup: a human institution designed to create new products and services under conditions of extreme uncertainty. You don’t have to work in a garage to be in a startup.
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