Lean Startup: Definition & Principles

An error occurred trying to load this video.

Try refreshing the page, or contact customer support.

Coming up next: Lean Canvas: Definition & Principles

You're on a roll. Keep up the good work!

Take Quiz Watch Next Lesson
 Replay
Your next lesson will play in 10 seconds
  • 0:04 What Is Lean Startup?
  • 1:04 Key Principles
  • 2:48 Lesson Summary
Save Save Save

Want to watch this again later?

Log in or sign up to add this lesson to a Custom Course.

Log in or Sign up

Timeline
Autoplay
Autoplay
Speed Speed Audio mode
Lesson Transcript
Instructor: Artem Cheprasov

Artem has a doctor of veterinary medicine degree.

This lesson defines the concept known as lean startup. You'll then learn a bit about many of the key principles behind this innovative entrepreneurial method.

What Is Lean Startup?

It used to be that if you wanted to start a business, you'd need lots of money, lots of people, lots of time, and even lots of secrecy. But things are changing. People have realized that you can start a very successful business without any of that.

This idea is part of lean startup, a method for the effective and relatively minimal use of resources in developing a business or product. Let's break that definition down by comparing resource use and the development of a business or product through the lean startup method.

First, there's the resource of time. Lean startups don't bother with extremely time-consuming detailed business plans. Instead, they focus on things like the way a customer reacts to a product and then go from there. You can only plan for so much, and a lot of plans are going to go to waste anyways.

Second, there's resources to consider such as money and personnel. It takes a lot of money and people to re-invent the wheel. Lean startups focus on refining existing customer demand, which requires a lot less of both.

Key Principles

With that in mind, let's go over some of the key principles involved in lean startups.

To unlock this lesson you must be a Study.com Member.
Create your account

Register to view this lesson

Are you a student or a teacher?

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member  Back
What teachers are saying about Study.com
Try it risk-free for 30 days

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Create an account to start this course today
Try it risk-free for 30 days!
Create an account
Support