Lean Startup Principles and Steps

Defining the perfect product that meets the specific needs and desires of your target market.

The process of testing and proving whether your business idea is truly viable and worth pursuing.

Regularly releasing new software updates to get feedback and make improvements quickly.

A clear and concise statement outlining your company's purpose, values, and aspirations.

Determining the profitability of your business idea by calculating the revenue needed to cover costs.

Setting goals and metrics to measure the success of your business idea.

Be truthful with yourself about your idea's strengths and weaknesses.

A system that enables a startup to quickly identify and respond to unforeseen challenges.

A new approach for startups that emphasizes rapid experimentation, iterative development, and validated learning to improve chances of success.

A tool for generating multiple ideas quickly, focusing on finding strong business ideas, not just any idea.

A method that helps identify if a business idea has the potential to make money by assessing its profitability and market viability.

The founder of the Lean Startup methodology, known for his contributions to the approach.

A set of steps that involve identifying the customer's needs, goals, and behavior to understand their journey and motivations.

The phase where the startup puts its chosen business idea into practice and gathers real-world feedback.

The process of continually improving a product or service based on customer feedback and validated learning.

The time it takes for a startup to complete one iteration cycle, which includes testing, analyzing, and adapting.

A method for finding the root causes of a problem by asking "why" repeatedly.

The process of confirming that there's a real market need for your product or service.

A process of understanding customer needs, problems, and buying behavior.

A minimum version of your product that is just enough to attract early customers.

People who are eager to adopt new products and are willing to provide feedback.

The moral principles that govern business behavior.

A set of objectives and milestones that guide a startup's progress.

The process of identifying the unique value proposition of your product or service in the market.

A clear and concise statement outlining a desired future state or outcome. It should be future-casting, visible, audacious, descriptive, and have a time constraint.

A type of vision statement that uses specific numerical targets.

A type of vision statement that emphasizes outperforming competitors.

A type of vision statement that positions a company as a leader or the best in its field.

A system that automatically monitors and alerts stakeholders when key performance indicators (KPIs) fall outside predefined acceptable bounds.

A process of testing two versions of a product or feature to identify which performs better.

A process of testing and improving a product or service by gradually releasing updates and features.

Determines if your target audience is right and if your value proposition is appropriate.

A detailed plan that outlines your target customer, the reasons to buy your product, its category, its key benefit, your competitor, and the key differentiator.

The process of gathering customer feedback to validate your product's market fit.

Following moral principles and standards in business transactions.

Areas where ethical conduct in business is crucial, including laws, regulations, and specific ethical conduct not yet codified.

Regulations and rules established by the government.

Specific ethical behavior not yet mandated by law, but considered morally right.

A business's commitment to acting ethically and contributing to the well-being of society by considering the impact of its actions on all stakeholders.

Groups with varying interests that businesses must consider in their decision-making, including owners, consumers, minority groups, and others.

The owners of a business, whose interests are typically prioritized by the firm.

The rights of consumers that businesses must respect, including their right to information, safety, choice, and redress.

Groups within society who may face discrimination or disadvantage, whom businesses should treat fairly and inclusively.

Payments made to foreign government officials to secure business deals, which are illegal and unethical.

The increasing interconnectedness of countries through trade, investment, and cultural exchange, leading to a global marketplace.

The reduction in barriers to selling goods and services in foreign markets, benefiting businesses expanding internationally.