BUS 202 Lecture Notes - Lecture 2: Lean Startup, Shigeo Shingo, Steve Blank

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 202
• Professor: Alan Jones

Document Summary

Doo(cid:373)ed f(cid:396)o(cid:373) da(cid:455) 1 (cid:271)e(cid:272)ause the(cid:455) did(cid:374)"t k(cid:374)o(cid:449) ho(cid:449) to tu(cid:396)(cid:374) thei(cid:396) p(cid:396)odu(cid:272)t i(cid:374)to a g(cid:396)eat company. Startup success is based on following the right process. Early on they sent out prototypes and not fully equipped versions of their products and (cid:862)e(cid:374)t(cid:396)ep(cid:396)e(cid:374)eu(cid:396)ship is a ki(cid:374)d of (cid:373)a(cid:374)age(cid:373)e(cid:374)t(cid:863) experimented on their customers rather than trying to cater to their needs and surprisingly it worked. Steve blank expressed that business and marketing functions should be seen just as important as the product development and engineering side of a business. Lean startup was made to help eliminate startups from building products that nobody wants and having their products and companies eventually fade away. Most sta(cid:396)tups fail (cid:271)e(cid:272)ause the(cid:455)"(cid:396)e (cid:272)aught up i(cid:374) a(cid:374) i(cid:374)itial good pla(cid:374), solid st(cid:396)ateg(cid:455), a(cid:374)d thorough market research , ho(cid:449)e(cid:448)e(cid:396) this does(cid:374)"t (cid:449)o(cid:396)k fo(cid:396) sta(cid:396)tups (cid:271)e(cid:272)ause the(cid:455) (cid:271)egi(cid:374) with too much uncertainty. Startups are an institution and just like any institution they require management.