From Crayons to Calculators: How The Lean Startup Can Turn Your Child's Hobby Into a Business.

Hey there,

Startups are popping up daily, and it's hard to keep up! Entrepreneurs work tirelessly to bring their innovative ideas to life, but unfortunately, most fail. In fact, many of them fail because they ignore the little details that can make a big difference. But there is hope, which comes from The Lean Startup.

Eric Ries, the author of The Lean Startup, knows what it takes to make a startup successful because he's experienced failure firsthand. He argues that successful startups are not just about having the right mindset or creative genius; they're about understanding the boring details and the small individual choices.

Ries's Lean Startup movement revolves around five driving principles. To learn more, checkout this Harvard Business Review Article.

1. We must rethink what entrepreneurship means.

2. Startups need their own style of management that can endure extreme uncertainty.

3. Startup leaders must commit to learning through experimentation.

4. Entrepreneurs must understand the feedback loop they're operating within.

5. Startups must focus on the boring parts of their businesses.

The Lean Startup method is all about embracing the build-measure-learn feedback loop. This means that startups must iterate through it quickly and sometimes make "leap of faith" assumptions while being comfortable with risk.

But what if I told you that even kids can use the Lean Startup method? For example, if your child wants to start a lemonade stand, you can help them follow the Lean Startup method. They can start by creating a minimum viable product, a simple stand with just enough lemonade to sell. Once they have customers, they can experiment with pricing and flavors. With the feedback they receive, they can iterate and pivot.

The Lean Startup method can be a lifesaver for startups. With a little creativity, even kids can use it to start their own businesses.

Until next time,

Camillo