June 16, 2023

The Lean Start Up For Business Analysts

28 minutes

Benjamen Walsh from The Better Business Analysis Institute talks about The Lean Start Up For Business Analysts. Written by Eric Ries.

The lean startup methodology emphasizes customer feedback over intuition and flexibility over planning. This methodology enables recovery from failures more often than traditional ways of product development.

Here are the key principles of the lean startup:

Build-Measure-Learn: This is the core feedback loop of the lean startup methodology. It involves building a minimum viable product (MVP), measuring how customers use it, and learning from the data to improve the product.

Validated learning: This is the process of using data to measure whether or not your hypotheses about your customers are correct. This allows you to make better decisions about how to develop your product and business model.

Pivot or persevere: Based on the learnings from the build-measure-learn loop, you may need to pivot your business model or persevere with your current approach.

Customer development: This is the process of understanding your customers and their needs. It involves talking to customers, conducting surveys, and running experiments.

Continuous improvement: The lean startup methodology is an iterative process. You should continuously improve your product and business model based on the feedback you receive from customers.

The lean startup methodology has been used by many successful companies, including Airbnb, Dropbox, and Stripe. It is a powerful tool that can help you build a successful business.

Here are some additional benefits of using the lean startup methodology:

Reduced risk: The lean startup methodology helps you reduce the risk of failure by allowing you to test your hypotheses and learn from your mistakes early on.

Increased speed to market: The lean startup methodology can help you get your product to market faster by allowing you to iterate on your product based on customer feedback.

Improved decision-making: The lean startup methodology helps you make better decisions about your business by providing you with data-driven insights into your customers and their needs.

If you are a startup founder or entrepreneur, the lean startup methodology is a valuable tool that can help you build a successful business.

Sure, here are some of the different types of MVPs covered in the lean startup:

Concierge MVP: This is a type of MVP where you provide a service to customers manually, instead of automating it. This can be a good way to test the demand for your product before you invest in building a full-featured product.

Wizard of Oz MVP: This is a type of MVP where you use automation to simulate a fully-functional product. This can be a good way to test the user experience of your product before you invest in building the full feature set.

Landing page MVP: This is a type of MVP where you create a landing page for your product and collect email addresses from potential customers. This can be a good way to gauge interest in your product before you invest in building it.

Minimum lovable product (MLP): This is a type of MVP that focuses on creating a product that is both functional and appealing to users. The goal of an MLP is to create a product that users love to use, even if it doesn't have all of the features that they would eventually want.

Minimum viable feature (MVF): This is a type of MVP that focuses on building a single, core feature of your product. The goal of an MVF is to get your product to market as quickly as possible and start collecting feedback from users.

The type of MVP that you choose will depend on your specific product and business goals. However, all MVPs share the same goal of helping you learn more about your customers and their needs so that you can build a product that they love.

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By Benjamen Walsh from The Better Business Analysis Institute (BBAI)

33 ratings