Starting a new business, whether it is an enterprise, small or medium business and startup, could become a daunting task. As one must jot down the business plan, convince the investors, gather their team, launch a product, and start selling a product in the market with all the force.
Usually, startups become the victim of such a dreadful scenario. New research from Shikhar Ghosh from Harvard Business School shows that 75% of all startups fail in their earlier career.
Now, how would you make such a scenario less risky? For that, we must investigate a methodology called ‘Lean Start-up.’ It provides the scope for experimentation with extensive planning, feedback from customers, and iterative designing as we are currently witnessing a black swan event such as a pandemic around the globe. This type of methodology gives an additional advantage over the traditional approach as there is a scope for entrepreneurs to examine, experiment, iterate and check their products and services.
Normally, available approaches to the new company will allow them to make multi-annual business strategies for obtaining capital. Instead of doing this Lean startup, the approach would enable entrepreneurs to instigate a stealthy product. This would hinder the flow of ideas of goods and services to domestic workers and investors to keep it sui generis and confidential to those who are working on it. If there is concurrence in an entrepreneur’s vision and goal, then chances of getting success for a new team are very much higher.
The idea of a legal startup is antithetical to a Lean startup as it deals with plans, strategies, and long-term vision without much chance of improvement. Once done with LLP registration in India, you will likely face hardships in selecting the right way for your startup.
For having the best startup team, it becomes pertinent to hire only those who are good in their roles and key result areas. You can also outsource to experts for the completion of specific tasks. As an illustrative purpose, being an accounting firm, you cannot have an IT expert on your team; therefore, you can hire IT services experts from other platforms. We all know that no two individuals have the same capacity, talent and skills concerning any work. It depends on their character as some would like to work on their desk with a cup of tea, as others would prefer to work on the other half of the day instead of in the morning, where others would prefer to burn the midnight oil.
In such times businesses should perceive employees’ capacity to work from home while being productive without a full-time 8-hour job. It should provide flexibility. The lean company should encourage their employee to work at their time and convenience that would allow them to work efficiently. Remote work can also be done as and when required.
Enhancing the manager’s skill to find market deficiencies and adding value to customers should be the main priority of leaning your business. This has a direct relation to better workflow and quality improvement. Hiring and placing the right person in the right place is the core of making the best team for any Lean startup. Modeling your lean startup’s concept, your startup’s ability, skill, and attitude becomes obligatory. You do not want to be in troublesome territory when it comes building an A-Team for your startup that is loaded with necessary skills to drive business development. If they are impressive enough, others will talk about their place in the market, enhancing their reputation and resulting in vibrant and robust confidence and income generation for the company.
For better efficacy, Lean startup should adopt the following points:
– Providing leeway to members to make pliable choices. Reducing the tasks into parts to fit into their schedule like sharing responsibility, doing it in more than four hours, starts early or end later in the day.
– A lean company should equip themselves with autonomic mechanisms using the autonomic model. Members will not have a bureau or fixed hours of working; they can work, plan, and select as they, please fill their boots. They will be motivated and ready to deliver the results on time.
– Many businesses are now approaching versatility or well-roundedness. Knowing under which condition one can perform best and selecting it would take you to the desired results.
It is in your control or duty as a businessman to keep people in the loop regarding the change in policy, approach, and strategy.
That is why when changes do occur, it is not only your responsibility to inform the company but also to inform your employee as well. It is only you who can make a difference in all these. Each change comes with challenges, but the lean startups can work with it unique from the traditional approach. Consistent growth, uninterrupted learning, and the process usually help improve work and operation when everyone is eager to learn and perform its role in the company.
To sum up, quickly, a lean startup has main three attributes as given below:
– Rather than carving out a plan for months, entrepreneurs accept all they have on a single day.
– They use a ‘get out of the building’ approach to ask potential customers about the product and its features with valuable feedback.
– Another one is called ‘agile development’ in which they develop products iteratively and incrementally.
Lean startups’ central tenet is reacting to the market changes and adopting it quickly, which would save time and money, unlike the traditional approach where chances of getting fatal setbacks are high. Lean startups would provide growth and efficiency in how business works with financial benefits and timesaving in the highly globalized world. With better customer satisfaction and strong feedbacks from their side.