Topic Definitions #
Lean Startup #
is a methodology aimed at creating and managing startups to achieve quick and efficient market entry while minimizing risks and uncertainties. In business and product development, it’s crucial to search and test hypotheses to validate ideas and make data-driven decisions. The Lean Startup methodology provides structured ways to experiment, measure, and refine concepts for success. She is based on several key principles:
- 1.Minimum Viable Product (MVP).
- 2.Build-Measure-Learn Cycle.
- 3.Hypotheses and Experiments.
- 4.Metrics and Analytics.
- 5.Pivots.
- 6.Customer Development Approach.
These principles enable startups to quickly adapt to changing market conditions, reduce resource wastage, and increase the chances of success.
Hypothesis #
Minimum Viable Product (MVP) #
Creating the simplest version of a product that allows the team to collect the maximum amount of validated learning about customers with the least effort. MVP helps search and test hypothesis, ensuring that businesses make data-driven decisions and gain feedback from real users.
Build-Measure-Learn Cycle for Hypothesis Testing #
A cyclical process that includes building (Build), measuring results (Measure), and learning (Learn). This cycle allows the startup to adapt and evolve based on feedback and data.
Short feedback cycle is the basis of the Build-Measure-Learn Cycle process.
Hypotheses and Experiments #
Focusing on formulating and testing hypotheses about the product, market, and customers. Experiments are conducted to confirm or refute these hypotheses.
Types of hypothesis #
How fast can you learn? #
How far can you go? #
