Our Lean Start-Up Assignment: How Teamwork Achieved Success - Essay Sample

Introduction

The team was made of five students. I feel that our team did very well on the Lean Start-up assignment. The team was given different roles, and each person was supposed to tackle their tasks to meet the number of points that were needed. All the members cooperated as everyone's contribution was necessary to the essay. The group was supposed to discuss the concepts of the lean startup book. The article will explain why do those concepts have an effect and the reason why they are essential to the small business owner.

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The ideas found in the book are a minimum viable product, a continuous deployment which is only applicable for the software development and split testing. Other concepts found in the book are actionable metrics, pivot, and build-measure-learn. The purpose of the essay is to discuss the impacts of the lean startup concepts to the students.

The first concepts learned from the lean startup book were the minimum viable product (MVP). It is when the new product is used to give the team a chance to collect enough amount of data and learn about customers using the least efforts. The main reason for it is to help the entrepreneurs to begin learning about the customers as quickly as possible by testing the business hypothesis. According to Ries, for one to be able to start a business, one needs to take-leap of faith or a business hypothesis (Ries, 2011).

He gave an example of Zappos founder Nick Swinmum who wanted to test his theory that the customers were willing and ready to buy the shoes online. Swinmum approached a local store and asked if he can take pictures of their shoes, and then he posted the online. He then came to the store and purchased the boots, and then shipped them to the customers. He concluded that the demand for the shoe was present.

The minimum viable product has an impact on that one has to take a business hypothesis and take the product to the market. The essential of this concept to small business owners is that they can take a step and introduce their product in the market. Mostly they would not know if the demand for the product is available in the market unless they make it to the market. The small business owners have to take-a-leap of faith.

The other concept learned from the lean startup book was split testing concepts. The split testing concept is where different groups of customers are offered different versions of the product at the same time. This kind of idea gives the business a chance to observe the reaction of each group to each version provided to them. According to the Ries, each group of the customer should receive the product at the same time for useful observation (Ries, 2011). Mostly the reaction of a group to a version depends on different factors such as external or internal if one group received a version at different times from the other, the external factors at that time may be different from when the other received their version.

Conclusion

The concept of split testing has an impact because one has to know when to take different products to the market. When the small business owner wants to bring different products to the market, they should make sure they do it at the same time. It will help them to get a better reaction from the customers, and they can know which product to produce from the responses taken.

Reference

Ries, E. (2011). The lean startup: How today's entrepreneurs use continuous innovation to create radically successful businesses. Crown Books.