Monday, 3 November 2014

Lean Startup is Way Ahead of Traditional Methods

Good thing about the new age development, the lean startup which is transforming the future of startup is-it plugs the loopholes before things go haywire. That’s why it is being accepted by industry cutting across domains of expertise.

Let’s Initially Make Efforts to Understand the Traditional way of Running Startups
Generally businesses adhere with the following set of rules before starting their business:
  • Business Plan.
  • Arm yourself with training.
  • Decide a place.
  • Arrange capital.
  • Decide the legal structure.
  • Get registration certificate from the local government.
  • Get registered for tax.
  • Know the employer responsibilities.

Is the old System Becoming Obsolete

Sounds bit interesting, the above set of rules talks about so many things, their significance can’t be ruled out. But what surprises me is-where is the accountability, and checks and balances in the system. That’s why this traditional system of conducting a business is no more effective, resulting in the shutting down of majority of startups.

The New Phenomenon is Just Amazing

Research and development on the operation, functioning of startups, new businesses suggest-they can’t coup up with the market challenges bases obsolete, traditional rules, methodology. Subsequently giving birth to a new methodology called as leanstartup.

Ascend with the New Age Phenomenon

There are couple of rules that form the nucleus of the incredible phenomenon, transforming the new businesses. Let’s learn about Build-Measure-Learn rule. This rule focuses on two significant principles:
  1. Come up with a MVP that is Minimum Viable Product: Just do away with the feature, methods, process that hardly contribute in the direct learning and experience you are seeking.
  2. Innovative Accounting reports must clearly define triple A: Actionable, Accessible, and Auditable.

See the difference, how the new age development is enabling newly started enterprises in scaling up.
In comparison to traditional method, it is very much scalable. It clearly focuses on checks and balances which plays a critical role in establishing your pet company as a brand.

Each word speaks!!! Let’s for instance take-“Do away with the features, methods, process that hardly contribute in the direct learning and experience you are seeking”, here the theory clearly talks about accountability. As system is in place, you can easily figure out the things which are not working in your favor and your pet business at large. The moment that happens, you are in a better position to plug the loopholes, giving a new life to your business.

Bank on Our Credibility

If you are seeking a reliable organization with expertise in successfully fueling the growth of new enterprises then bank on the expertise of Innovify. We are a professionally qualified company with rich experience in lean startup methodology.

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