Many startups fail because they spend a ton of time — months, even years — perfecting their product or service before taking their business to market, without ever really seeking customer validation, only to find, their potential customers don’t see the value, leading to the company’s demise.
While this may seem a bit dramatic, this approach is all too familiar among entrepreneurs. Even if it’s not detrimental, it can significantly delay the success of startups. Over the years, the lean methodology, coined by Eric Ries and publicized in his book, “The Lean Startup,” has become popular among entrepreneurship circles. This method aims to reduce risk and help entrepreneurs pivot faster in the development of a new business idea, leading to maximum value for customers and higher return to founders.