Lean start-up has been a great success in the market as it changes the paradigm of thinking about business. Rather than thinking of business in the traditional terms of creating a large business plan, and following that plan. It views the customer and the business environment a lot more dynamic and changing.
There are a few concepts which have really mastered the lead started up, the first is the MVP (the minimal viable product) the pivot. Which views the business more as a continual improvement process rather than a static process.
In the methodology you go through cycles of your product and services measuring each stage and the impact to learn to make decision about what is working, what is not working and how to refine the process. Ultimately getting a better and better process.
As part of the cycle we have the follow stages.
What is your idea or ideas, look at the customer problems, what do they need, what are your assumptions. Getting all your ideas down on paper.
Work out what is the Minimal Viable Product that needs to build to deliver to a specific idea. This should involve the product doing what is needs to satisfy the basics of what the customer needs.
In the building stage it is about spending and investing time to get the MVP out of the box to get it to the customers.
In the measurement stage, is about understanding what you have delivered, and how you will measure the success of the product. This includes a variety of test you can perform such as split test, feature analysis, marketing tests, monitoring on your product and services.
From the measurement the data will come from it and needs to be learnt from. What have you found in this product life cycle, what was good, bad, what where your assumptions and why are they right or wrong.
This bring you back to your idea, what you were creating, what needs to be improved or changed to bring your product back in to the market.
This is a great methodology if you have a lot of ideas and good ideas, and that you can control the cost and time in the build cycle. This methodology works with other tools as well, which includes the business canvas [link to blog article] in your idea stage. To make sure that you understand the fundamentals of what your creating your product or service for and how it will keep developing.