Entrepreneurs and Start Ups: Stop Waiting Launch Your Product. It’s a waste.
#startup #lean #business
While I haven’t paid much attention to lean management lately, the more I think about it the more I like it. Why? Because in a start up it’s so hard to get things going while there are so many actions to undertake. What do you prefer: Value creation or waste?
(cover book “The Lean Startup from Eric Ries”)
Recently I had my last “Red Seat Session” at The Hub in Singapore. I was able to meet 6 energized and enthusiastic entrepreneurs at The Hub.
These entrepreneurs (start ups) have the same things in common: problems getting the right things done for the perfect product and product launch.
- Next step in product development
- Choosing the right distribution channel and partner
- Choosing the right marketing strategy and actions
- Choosing the right sales model
- Choosing the right business model.
Looking back I realised that most of these entrepreneurs’ products are actually ready for launch but they are hesitating and keep tweaking to get a perfect product.
And at this point, I remembered the book of Eric Ries “The Lean Startup”.
Here are a few of my thoughts regarding Lean Start Up:
- Be aware of leap of assumptions: ask for customer feedback
- Break down and establish the baseline: do an early smoke test
- Develop a “build – measure – lean” feedback loop (see also my other LinkedIn post about the feedback loop: ‘Why Modern Entrepreneurs need the 64 Years old Deming Feedback Wheel”)
- Hesitate? Do a split run test (A/B test)
- Set the right metrics.
With these small steps (baby steps), most entrepreneurs could have entered the acceleration stage at an earlier stage. They could have already collected their first feedback from customers. Instead of waiting until their product was “perfect”. So what should they have chosen instead of hesitating until now? Value creation or waste of time?
Anything you cannot do to learn is a form of waste. It’s possible to learn the same things with less effort in an earlier stage. Eric Ries calls this “validated learning”:
- It demonstrates positives improvements
- You learn what your customers really want
- You learn what is really important.
Don’t hesitate. Collect your data from customers and launch your product today!
- The Lean Start Up Movement: “the Lean Startup.com”
- To meet other entrepreneurs, workshops and mentors: The Hub Singapore
- Harvard Business Review article: ”Why the Lean Start-Up Changes Everything”
- My LinkedIn post about KPIs and metrics: “Entrepreneurs 2014: Successful Business by Boiling Down to the Right KPIs”