Lean Startup: The Right Strategy or Fool's Gold? (Part 4 of 4)

 

Lean Startup: The Right Strategy or Fool's Gold? (Part 4 of 4)  by SmartDraw

In the first three installments of this series we outlined the Lean Startup philosophy, examined the three business obstacles that it aims to overcome, and discussed criticism of the Lean Startup.

Today's final segment seeks to answer the question: Is Lean Startup the right strategy or merely fool's gold?

So what is the answer to the Lean Startup question?

Is the Lean Startup a viable, valuable alternative to the entrepreneur? Or is it just another idea offering great promise but lacking real rewards?  

In part 3, we went over the arguments against the Lean Startup presented by John Finneran and Jon Burgstone. Both Finneran and Burgstone throw MVP (minimum viable product) categorically under the bus. In doing so have they gone too far? Is it possible they've misinterpreted what MVP is supposed to be?

Burgstone calls the MVP a "lackluster product." But is it? For Lean practitioners there's a huge difference between a "minimum viable" and a "lackluster" product.

For example, Burgstone cites the iPod as an example of a new device that replaced a lackluster product to dominate its market niche. This is true. But he overlooks an important historical detail. The iPod started out as an MVP—prototyped, tested, and iterated based on results of feedback. One has to wonder, had Apple focused all of its attention on developing a final product, would it have been the awesome iPod we know today? Or might it have been something... dare we say... lackluster?

The key point is this: Minimum Viable Product and Lackluster Product are not synonymous. If your product is garbage, then by definition, it's not viable. An MVP should be an awesome product—with the minimum feature set needed to make it worthy of testing. No more, no less.

To throw out the entire Lean Startup concept over a misinterpretation of what constitutes an MVP is potentially a huge mistake.

So, is a Lean Startup right for you? As with anything, much will be determined by the practitioner. Producing a shoddy product and hoping market testing will make it viable won't work. Insufficiently funding your startup with enough capital will, most likely, be fatal.

You have to be informed, prepared, and capitalized.

If you do these things, the Lean Startup can be a viable way to build something awesome.

 

 

 

Lean Startup: The Right Strategy or Fool's Gold? (Part 4 of 4)  by SmartDraw

In the first three installments of this series we outlined the Lean Startup philosophy, examined the three business obstacles that it aims to overcome, and discussed criticism of the Lean Startup.

Today's final segment seeks to answer the question: Is Lean Startup the right strategy or merely fool's gold?

So what is the answer to the Lean Startup question?

Is the Lean Startup a viable, valuable alternative to the entrepreneur? Or is it just another idea offering great promise but lacking real rewards?  

In part 3, we went over the arguments against the Lean Startup presented by John Finneran and Jon Burgstone. Both Finneran and Burgstone throw MVP (minimum viable product) categorically under the bus. In doing so have they gone too far? Is it possible they've misinterpreted what MVP is supposed to be?

Burgstone calls the MVP a "lackluster product." But is it? For Lean practitioners there's a huge difference between a "minimum viable" and a "lackluster" product.

For example, Burgstone cites the iPod as an example of a new device that replaced a lackluster product to dominate its market niche. This is true. But he overlooks an important historical detail. The iPod started out as an MVP—prototyped, tested, and iterated based on results of feedback. One has to wonder, had Apple focused all of its attention on developing a final product, would it have been the awesome iPod we know today? Or might it have been something... dare we say... lackluster?

The key point is this: Minimum Viable Product and Lackluster Product are not synonymous. If your product is garbage, then by definition, it's not viable. An MVP should be an awesome product—with the minimum feature set needed to make it worthy of testing. No more, no less.

To throw out the entire Lean Startup concept over a misinterpretation of what constitutes an MVP is potentially a huge mistake.

So, is a Lean Startup right for you? As with anything, much will be determined by the practitioner. Producing a shoddy product and hoping market testing will make it viable won't work. Insufficiently funding your startup with enough capital will, most likely, be fatal.

You have to be informed, prepared, and capitalized.

If you do these things, the Lean Startup can be a viable way to build something awesome.