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Start Your Own Business with Minimal Time and Budget leveraging the Lean Startup Methodology
July 13, 2018 by JB Cooney
What is Lean Startup Methodology?
In short, lean startup is a method for the effective and relatively minimal use of resources in developing a business or product.
According to the creator of Lean Startup, Eric Ries: “The Lean Startup is a new way of looking at the development of innovative new products that emphasizes fast iteration and customer insight, a huge vision, and great ambition, all at the same time.”
The 5 Principles of Lean Startup
1. Entrepreneurs are everywhere
There are many types of entrepreneurs and startups. Tons of opportunities exist that entrepreneurs can take advantage of to build a successful business.
2. Entrepreneurship is management
Startups need management just like any company. However, lean startups have a unique type. Having flexible, learning oriented management makes for a successful lean startup.
3. Validated learning
Lean startups primarily serve customers with their products. They adapt to the needs of the target market by learning exactly what it is that customers want. Through experimentation, they find what works best.
4. Innovation Accounting
Lean startups keep detailed records of tests and analysis to figure out what works best. They gauge progress on the amount learned about the innovation rather than the amount of new work created.
Lean startups hit the ground running by building the simplest product that does what it should, called the Minimum Viable Product (MVP). This goes through rigorous evaluation through tests and user feedback to collect data on how targeted users accept the product. If it works, then they learn from the feedback and make it better in an iterative process.
Marketing Campaign ROI Calculation
May 29, 2018 by JB Cooney
Small businesses typically don't have a lot of cash to throw around on marketing. So when the marketing plan is updated, I recommend calculating the ROI for previous campaigns and making plans to calculate ROI for scheduled campaigns. In this way, you can effectively spend your dollars on the most productive marketing efforts.
This article from Investopedia does a nice job of explaining approaches to calculating ROI:
Competitor Analysis Simplified!
May 24, 2018 by JB Cooney
<Entrepreneur Tip> People with great business ideas, I have found, often don't move forward because they think "someone must already be doing this".
Well, maybe yes, maybe no, or... maybe someone is doing it... poorly. Let your passion drive you to take action! Conduct a Competitor Analysis. Sounds daunting, but here is a nice article re a Simplified approach, with a nice CA downloadable form: From Entrepreneur Magazine: