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

A fashion designer might create a small capsule collection to gauge market response before committing to a full line, using the lean startup approach.

Practice Scenarios

Startup

Scenario:

Our startup is burning cash too quickly. Based on what we've learned so far, should we consider tweaking our business strategy?

Response:

Let's apply lean startup techniques and iterate our business model to cut costs and maximize value quickly.

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.