A STARTUP SECURES COMPETITIVE ADVANTAGE TO ITSELF WHEN IT CAN LEARN FASTER FROM ITS CUSTOMERS. TO LEARN FASTER ENHANCES THE STARTUP CHANCES OF SUCCESS.
A Long delay in releasing a product could lead to building something unwanted and precious waste of time, thus denying the Startup of valuable learning. On account of this lapse, the startup chances of success becomes diminished.
A Startup smartens up to ask itself this crucial first question: which activities create value and which ones are a form of waste? Cultivating an analytical mindset and buckling up to the truth boosts a startup chances of success.
The value in a Startup is not about the creation of stuff or the addition of more features. It is about building a product that customers really want and building a sustainable business around it.
To add to a startup chances of success, its promoters take up to ascertain the products wanted by its customers, the growth path of its business, who its customer is? Which customers to listen to and which ones to ignore?
A Startup is quick on the uptake of valuable learning and success when it identifies its model of growth and directs its efforts at the crucial areas that would grow its business up. The unique metrics connected to a specific growth model enables a Startup to evaluate the success of new products, plan how to prioritize new experiments and determine when their growth is stagnating into a situation demanding a pivot.
To minimize expenditure of time, money and effort and to check for defects immediately, it is advisable for a Startup’s engineers and designers to work alongside each other, on one feature at a time, and then release new versions of the product for testing by customers.
Small batches enhance the ease of validated Learning advantageously. A Startup secures competitive advantage to itself and heightens its chances of success when it can learn faster from its customers.