For every wildly successful new company or product, there are hundreds more that simply fade away. Why is the failure rate so high?
According to Eric Reis, author of the 2011 classic “The Lean Startup,” most new projects fail because they use the wrong processes. They waste time, money and resources, they’re too slow in getting the product to market, or customers just don’t want the products or services that they’re offering.
In his book, Reis demonstrates how concepts borrowed from lean manufacturing methods can shorten product development cycles, test the vision, and manage growth.
One such concept is “genchi gembutsu,” which loosely translates as “go and see for yourself.” Here’s an example of what this concept looks like, taken from our Book Insight podcast review of “The Lean Startup.”
If you’re thinking about starting a new business or launching a new product, and you want to avoid the traps that have thwarted other startups in the past, don’t miss our latest Book Insight on “The Lean Startup.”
Question: How do you think the concepts behind lean might help your next business, or your organization’s next product launch? Join the discussion below!