One of the most confusing and perhaps learnable terminology that I have learnt during this course is “Lean start up”. My personal association to “Lean” is efficient and low cost from previous courses. However as the article linked below suggests, it is about hypothesis driven development and much more iterative to reach results quickly. Thus instead of following a pre-defined and very thorough list of things to check off, you have an idea of something that might be good and you try to procuring a testable prototype as quickly as possible. Then you learn from that. I believe in several advantages to this:
- Quick customer response
- Realise major apparent flaws in your idea quickly
- Motivates for future development
- Low cash-intensity and thus lower risk
- et.c.
This concept is something that I will take with me from this course in my future entrepreneurial endeavours.
https://www.linkedin.com/pulse/lean-business-model-cultural-differences-short-cavid-nadirov?trk=hp-feed-article-title-like