A lean start-up strategy is a somewhat newer concept (in the fields entrepreneurship and management) as opposed to its alternative, the more secretive business plan. As displayed in their article, the Lean Start-Up Strategy (https://blogs.ubc.ca/sayheytojae/2013/11/16/lean-start-up-strategy/), which examines the benefits of a lean start-up, Jaehsong mentions that methods such as customer/product research and agile development should be ongoing processes that should be practiced by firms not only during their start-up phase but throughout their entire existence. I personally agree with this idea because it ensures that even in this new day and age of technological improvement – which is expanding at an exponential rate – companies may protect themselves against changing markets and customer preferences when in the past they may have had to make drastic changes to their business model. Additionally, the fact that lean start-up’s prove to be less costly provides a significant advantage to firms who choose to practice through agile development; and a low cost firm will always have that advantage over its competitors. Therefore, the ever changing technological advances in today’s industries are suggesting that firms must always be assessing their position and products to ensure that they can adapt to constantly changing customer preferences. The lean start-up method is very effective at starting a company, but may also be extremely efficient as an on-going self-assessment process.

Article URL:

https://blogs.ubc.ca/sayheytojae/2013/11/16/lean-start-up-strategy/