The Lean Startup Methodology & Your School-based Enterprise
As the first semester begins to wind down, we hope your school-based enterprise has strong ambitions for the second half of the year.
If so, we believe you could benefit from better understanding the Lean Startup Methodology, which basically encourages innovation and constant improvement to your processes, product mix and operations by getting feedback from your customers early and often.
The idea is that this helps you identify quickly what will be received well (generate revenue) and how to “fail fast,” identifying initiatives or products that your customers don’t want.
Here are a few definitions to become familiar with:
MVP (Minimum Viable Product) – A development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users.
Validated Learning – A process in which one learns by trying out an initial idea and then measuring it to validate the effect. Each test of an idea is a single iteration in a larger process of many iterations whereby something is learned and then applied to succeeding tests.
Pivot – Pivots imply keeping one foot firmly in place as you shift the other in a new direction. In this way, new ventures process what they have already learned from past success and failure and apply these insights in new areas. The pivot is often driven by specific customer feedback.
Think about it like this: Try to develop a continuous process to deliver value to a specific set of customers.
One action item to take away and begin in the spring semester is this:
Go to our blog and tell us what or how you are going to pivot to increase effectiveness in the spring semester!
There is a wealth of information on the Lean Startup Methodology which can hardly be covered in a DECA Direct article, so we thought it would serve you best to link you to articles highlighting relevant topics such as this one explaining more about the “Build, Measure, Learn” diagram and direct you to the place where it all began, “The Lean Startup.”
This article was written by Spirit Factory, a DECA National Advisory Board partner and Corporate Social Media Correspondent. Learn more about Spirit Factory and how it can help your DECA chapter here, and check out the Spirit Factory Blog for more SBE tips!