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A traditional manufacturing company can apply lean startup principles by first developing a minimum viable product (MVP) that meets the basic needs of their customers. This allows the company to get the product to market quickly. They can then gather feedback from customers and use this information to make iterative improvements to the product. This approach minimizes the time, money, and energy spent on developing products that may not meet customer needs. The company should also be prepared to pivot their focus if the feedback indicates that the product is not meeting customer needs.
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The goal here is to minimize the amount of time, money, and energy spent in getting the right product to market. By getting a product in front of customers as quickly as possible, perfect or not, a startup will be able to fine-tune their product and their strategy. Readers will learn that by measuring the results of their initial offering, they will know if they are on the right track. If not, then they will need to pivot their focus. If they are on the right track, they persevere and use the feedback to customize the product based on what customers want or need.
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New business ventures are both exciting and risky. New ventures are risky as the main idea may or may not work, yet the chances of success are much gr...
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