What are the Key Principles of Lean Entrepreneurship?
The lean methodology is built around several key principles: 1. Build-Measure-Learn Cycle: This iterative process encourages rapid prototyping and testing to gather data and adjust business strategies accordingly. 2. Validated Learning: Instead of relying on assumptions, lean startups use real-world data to inform decisions. 3. Minimum Viable Product (MVP): This is a product with just enough features to gather validated learning and customer feedback. 4. Pivot or Persevere: Based on feedback, startups decide whether to change direction (pivot) or continue on their current path (persevere). 5. Innovation Accounting: This involves measuring progress, setting up milestones, and prioritizing work.