lean-startup

Vocabulary Word

Definition

'Lean startup' refers to a business approach that values customer feedback over intricate business planning. It helps in starting a business with minimal resources and continually learning from experiences for improvement.

Examples in Different Contexts

Social enterprises might launch pilot programs in a community to test their impact and refine their approach, embodying the lean startup method.

Practice Scenarios

Business

Scenario:

Given our limited resources, it is vital to ensure a quick return on investment. Perhaps we should be focusing more on customer validation of our business model.

Response:

I agree. Adopting a lean startup model would allow us to validate our product-market fit swiftly and cost-effectively.

Tech

Scenario:

Our app is going in the right direction, but we need to iterate on our product based on user feedback. Maybe releasing an MVP for further testing would be a good idea.

Response:

Let's adopt the lean startup approach and start with an MVP. Customer feedback will guide our subsequent development.