The Pros and Cons of the Lean Startup Methodology

The lean startup methodology has been making waves in the business world for years. It’s a simple idea that can be summed up as “build, measure, learn.” This blog post will discuss what it means to use the lean startup methodology and why you should consider implementing it in your company. We’ll also explore some of the pros and cons of this method so you can make an informed decision about whether or not to change your existing practices.

The first step in the lean startup methodology is to build your product.

This doesn’t mean you should start coding or programming right away though- instead, think about what kind of features and functionality would be necessary for a “minimum viable product” that could serve as an experiment. Once you’ve built this MVP (often called the prototype), it’s important to get feedback from customers quickly so you can learn if it will actually work for them without sinking too much time into development! You’ll also want to know how they found out about your new project, whether they’re willing to pay for it, and more generally what their thoughts are on its design.

At this point there may be some changes needed with the original idea before moving forward with the project. If you can’t find enough people willing to complete your survey, or if they don’t have a good idea of how much the product will cost in the future it may not be worth continuing. Alternatively some changes might need to happen with respect to design or functionality before launching anything so that customers are more receptive- this is called pivoting and should be done as soon as possible!

The second step of lean startup methodology involves measuring what’s happening when actual users interact with your new prototype (after all these tweaks).

This kind of trial often goes hand-in-hand with qualitative data which provides details about things like user preference for different features, willingness to pay, and their thoughts on copying another existing app/product. You’ll want to do both quantitative (e.g., number of signups) and qualitative data (user interviews, surveys, etc.) so that you can see if your MVP is a viable product idea or not.

The third step would be learning from what users are saying about the product as well as their behaviour when using it- this might mean adjusting certain features based on user feedback before launching an official version of your prototype!

The key point here is that no company has perfect knowledge up front which means we shouldn’t make any assumptions without first collecting some real life evidence. This will help avoid costly mistakes later down the line in development phases where changes could prove difficult or even impossible to implement.”

People who have used lean startup principles with great success in the past include Facebook, Amazon and AirBnB.

Pros:

The lean startup methodology forces companies into fast action by encouraging them to test product assumptions quickly without spending too much time on development in advance. It’s also useful for start-ups who have an audience but need more capital before they can produce anything tangible (e.g., online gamers!). This process has been proven successful with some very large corporations as well so it provides lots of opportunities for both established businesses as well as new projects!

Cons:

While there are many benefits to using the lean startup process, it can also be risky for very small companies without a lot of resources. A lack of experience with this methodology could lead to wasted time and money when the wrong assumptions are made early on in development!