In this post, I will be discussing the concepts of start-up and lean start-up. I will discuss their major differences and why choosing later is feasible and in what situations. Both start-up and lean start-up are greatly related to each other and they are both very impactful for the creation of new products or services for the market.
Both start-up and lean start-ups begin with an idea but the major difference occurs with the speed of the process. Start-up is a process to create and generate new products through innovation and creativity. But, as reiterated by Erik Reiss, a Lean start-up is a start-up process done very fast. Lean is not for failure, it is a way to stay away from failure by experimenting with the product and market. Lean is built to last, through great experimentation.
The start-ups emerge on the basis of ‘build, measure and learn’. This process is unique to both start-ups and lean start-ups. In the case of building a start-up the process ‘build, measure, and learn’ is a one-time process. But, in a lean start-up, this works in a loop and keeps on working until the product is out and stabilises in the market.
Lean start-ups build the minimum viable products (MVP). MVP is an early-stage form of a product which is taken to the customer and asked for his review. In most cases, entrepreneurs ask customers about the development of a new product. The customer suggests what he wants and in the same way, entrepreneurs build and then measure its success and learn from that to build better products.
A start-up begins with an idea, feasibility and validity are checked and market demand and many other things are taken into consideration. However, in a lean start-up, things start with an idea but their process is fast.
The earlier method for doing a start-up and doing a lean start-up is both useful and leads to the emergence of new products and services.
I hope you understood the major differences between start-up and lean start-ups. I will soon come up with a summary of Erik Reis’s book The Lean start-up. Follow and Keep this website in your favourites to receive more updates.