Blog #2 Dear reader, In the course of Prof. Daze’s Entrepreneurship class, I was giv en the opportunity to deeply explore the "The Lean Startup" concept promoted by Eric Ries. I anticipated that it would be pleasing to put together another article to share the takeaways that I have grasped from the method as well as relate my experience applying the technique into my group's business idea. Besides this official purpose, I fascinatingly discovered a new passion: blogging. I hope this blog is one of a long series. Going back to "The Lean Startup", note that this approach fosters rapid experimentation, validated learning, iterative process, in addition to getting potential end-users’ feedbacks throughout the product development cycles or venture creation. Actually, this technique offers entrepreneurs as well as product developers a practical way to assess consumers interest in the product, so it can be refined accordingly. Additionally, through valida...
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The Lean Startup or an appeal to rethink entrepreneurship
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Marc Zuckerberg, founder, and CEO of Facebook once described Entrepreneurship as translating your passion into a business. This assertion is interestingly brilliant considering that it puts into simple words the concept of entrepreneurship, which remains an enigma for most of us. Indeed, this description reminds us that the entrepreneur needs to put together his or her interests and personal assets in pursuing an economic opportunity. Nevertheless, I was disillusioned to learn from a study conducted in the USA that in general, 90% of startups fail. The report convincingly affirmed that “the absence of market needs” remained the main reason for this high failure percentage. In other words, the goods or services that most startups conceive and want to sell do not find any buyer or do not suit the potential purchaser’s needs. This information has significantly triggered my inquisitiveness to ascertain the best approach to create and manage successful ventures. Fortunately, my...