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Even so, seeing those millionaire ideas materialize is extremely rare and, even if it is achieved, the data is discouraging: in Mexico, 8 out of 10 companies do not survive the first 5 years .
The reality is that this country is urged by female entrepreneurs with the necessary foundations and tools to achieve sustainable success. So to encourage more people to walk the entrepreneurial path , new methodologies must be adopted to test ideas, identify flaws, and correct them before the money runs out.
Commonly all business ideas are built based on the famous Business Plan . An endless document that addresses all the issues related to the management of a company except for the most important factor: if people are willing to pay for that idea.
To optimize the investment of time, money and resources, there is the “Lean Startup” methodology , which is even taking steps to become a global movement that helps thousands of entrepreneurs to quickly realize their idea.
The origin is in the book, of the same name, by Eric Ries, a fantastic essay where he refers to a methodology that aims to reduce the development cycle of a product or service based on the feedback of the target market in a sustainable and scalable.
What is the Lean Startup?
Broadly speaking, it consists of entrepreneurs talking to customers before starting to build a product that, later on, no one may want to buy.
Each feedback that is received helps entrepreneurs to create a better product that better aligns with the needs of the market.
The methodology consists of 5 steps :
- Hypothesis statement: Identify a need in the market, how to solve it and why it is worth investing in the solution.
- Hypothesis validation: Develop the solution (they can be demos, samples, prototypes, etc.) and validate, through qualitative and quantitative research, if the market is willing to buy it.
- Evaluation and measurement : Identify the metrics that interest you and evaluate what are parameters of success to define what modifications are necessary.
- Learning and interaction: Modify your offer based on what you identified in the previous steps to develop a solution more aligned to real needs.
- Continuous improvement: You must continue with a learning and continuous improvement process to better define what the product or service that you will offer to the market will be like.
As a result of implementing the Lean Startup methodology, you will be able to minimize the investment and risk you need to validate your idea.
This method opens the doors to all those million dollar ideas that need to be landed and sorted out to discover their true potential.
In addition, it is a very effective way to determine if your market really needs and is willing to pay (and how much) for your solutions.
It also reduces development and production time to create functional prototypes that can be gradually evaluated, fed back, and improved.
If you are interested in learning more about this method, you can do two things :
- Buy and read the book : (I highly recommend it, even for those who already have their business for years but do not know how to grow) .
- Receive content updates from the author .