As a marketer if you believe that a Lean Startup company believes in the cheap product rather than investing for the quality of the product then think again. Because in this throat cutting age of business Digital Media business technology forced every company to bring their product to the market in a faster way to stay alive in the competitions.
I think there are a number of misconceptions about lean startup. So I decided to write an article to clarify the doubt of an entrepreneur and marketers about the lean startup. Through this article, I mainly focused on common misconception about adopting lean methodology for your startup.
First I want to clarify the world ‘lean’. The lean startup approach of getting a new product is based on fundamentals which we learn in business classes. But most of the time when you hear the term “Lean” you automatically assumed that startup that chooses the cheapest way to save time and money. But this is not correct. Business concept of a lean startup is to increase the business efficiency through minimizing wasted resource.
The main motto of a lean startup is to buffer the process in correct line to fulfill the goal of the business. Let move to the common misconception which is growing in the mind of today’s entrepreneur.
Misconception 1: “Meaning of Lean is cheap and thinking big”
Most of the time customer thinks that repetition of the product is cheap or having no quality. But the reality is that 1st iteration of the product is used as a test. So that, before final tuning of the product it having all quality which consumer want in the product.
Taking feedback and learning from consumer reaction is the best way to start your startup.
Most of the time consumer don’t know what they want in a product. Suppose you want to make easier for the customer to move an object from point A to Point B. you made 2 machines on having car engine and one having scooter engine. Testing will help you to know whether people use scooter or car engine machine to move an object from point A to point B.
Once you know the what customer want Your business will automatically boom.
Misconception 2: “Lean Startup- We Can’t Put Our Capital on Risk”
Lean Startup fundamentals or methodology is still not clarified some venture capitalist. As an entrepreneur, it is important to save money for funding. It has been pushing back for that entrepreneur against the lean approach. Because they eliminate the need for funding for your business is not the success mantra for business.
Following the lean approach for your business helps you to reduce the waste of money. And it also reduces the investment risk for your business.
Misconception 3: “Lean Startup Always Holds Failure”
Most of the people think that lean startup is the route of failure in the field of business. Instead, It is your fault that you don’t try to learn from your failure. The event you have good backup and time.
Lean business scientific methodology says that never stop trying something new even it is rejected. Try to learn from your fault as long you learn better path you will find to run your business. As a businessperson, your main goal is to learn from your failure and boost the entire process of your business to achieve the success.
Thinking lean way for your startup will keep your business on minimum risk and help you to achieve success in time. Company Like Uber using the lean methodology for their business so today they are the highest value income startup company in the world.