The Lean Startup
I have crazy good ideas. Example: many write about financial literacy, but most do not illustrate their work with cartoons like I do!
With a bounty of ideas, I wanted to learn about The Lean Startup method, its the strategy everyone is talking about. The book by Eric Riese was published in 2011, but the startup landscape has changed since then.
I’m taking advantage of my entrepreneurial resources now that I’ve relocated to Brooklyn! This week I attended a meetup at the Dumbo Startup Lab led by D.K. Smith ofBrooklyn Innovation Center. D.K. gave me and my fellow Brooklyn Startup meetup group members a fabulous overview of what we need to know as entrepreneurs in 2014.
“Lean” in the startup context does not mean to hire only skinny people. It means to minimize waste. Only spend money on must-haves in the beginning.
The goal is to have enough of a Minimum Viable Product (MVP) to convey to customers what is being sold to them. Prioritize what is needed to give customers the gist of your idea. Once customers have the basic idea, ask them for their feedback. And then adapt the product to the customer’s needs.
This all happens even before launch. Think of a beta website, before the real thing goes live.
After liftoff, a smart startup is always assessing its customers’ needs and adjusting its product accordingly. Essentially, the startup is always agile and pivots when necessary.
Got it? Join me in and my fellow Brooklyn Entrepreneurs in changing the world by being lean, mean, money-making machines!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)