When entrepreneurs set about creating a product, service or business, they commonly make one big mistake: they try to create the entire product first and bring it to market, once it’s finished.
All too often, someone starts a business and 3, 6, even 12 months later, they’re still working on their product – and no one has even seen it yet. Then, once the product is “finished” and released to the market, disappointment strikes. The first version of a product is very rarely a hit.
The lean startup approach is the solution to this problem. Instead of aiming to create a complete product, the goal is to create a minimal version of the product and release it as quickly as possible. The entrepreneur can then gather feedback from the response to this minimal product and improve it from there.
The following infographic from ActiveGrowth looks at this in more detail.
[Click image for full size version]