Introduction
He said that a lean startup could help individuals establish a new product launch or a new service launch within a well-established company. This way, the human institution creates services in the product under certain conditions of uncertainty. Startup deals with innovation that can bring the broadest sense and deal with features, services, and production values that can connect to customers. However, if any business relies on the execution rather than working on it, the development plan is considered not to start. The startup is further operated and worked by entrepreneurs. Based on startup analytics, certain concepts and ideas are learnt through startup lessons. One of the most important lessons that I have learned through startup analytics is despite looking at the gross figures. The customers or users have split it into cohorts; further, the performance is independently judged based on each cohort. (Week 2) Apart from this, another lesson I have learned is that single-piece flow talks about the start-ups and helps find issues quicker, and further addresses the customer's feedback, which will help in the product development approach. (Week 3). The third lesson under startup analytics is that a strategy analysis can only be done correctly if market research, focus groups, and customers are involved rather than experimenting because the experiment can never improve the product. Still, knowledge gathered from the customers, and their experiences will make development in the product or services. ( Week 1) Further, another lesson I learned is that a product's engine of growth or growth development can only be calculated by extracting the idea of market fit and product on a rigorous footing. (The lean startup) Therefore, the major purpose is to link the concepts and learn with the experiments or data depicted to convey how that data is extracted using certain lean startup concepts.
Leaderboard chart
The leaderboard chart combines names, users, weak and different revenue. This leaderboard chart is made in such a way as to know what kind of performance is attained by every different user working on a particular startup. Moreover, the leaderboard chart is entirely linked with the first lesson that conveys the message; gross fingers tell about the performance level of every user. Further, this split of users helps the viewer to know exactly where each customer holds their position in the market. In addition, unique traits and independent judgment are made based on each user and clarify their company using a different perspective. This split helps the viewer to know about the exact situation of the customer and their company which further helps the market to know about the business, and some similar concepts, which can bring real changes in the corporate sector.
Revenue bar graph
The revenue bar graph is linked with the concepts/lesson that the single piece flow of a startup expressed graphically, talks about the issues more quickly and tells about the customer's feedback which can help the company to develop their product appropriately. In addition, the revenue bar graph gives clear information to the view. The word is where the company holds their position in the market and what issues were experienced that can decrease the revenue or sales of the firm. To deal with product development. Therefore, it is necessary to view the revenue chart, which gives a clear understanding of the customers and feedback and helps the company work on product development. Moreover, through the graph, one thing is made clear: the ups and downs in revenue help the organization to properly bring changes in their product, due to which constant shifts in revenue are experienced.
Previous approach
The previous approach from the field is further linked with the concept that growth can only be experienced by knowing about the ideas of the product and that quantitatively. This chart, where the previous information is explained, only discusses some advantages and the market position. Such kind of information doesn’t make a real change and doesn't convey the message of how the growth of development is experienced. So the more rigorous footing of the previous information is displayed to have little historical information. Therefore, this historical content is linked with the lesson that the engine of growth Can put the idea of market fit in a product in the most appropriate way by annoying some customer data or recent expectations.
Decision history
Moving forward towards the decision history, which is linked with the lesson that strategic analysis of the market conducted is entirely wrong because rather than displaying the experiments, one should talk about the information gathered from the focus group, market, research, and customers because the customers will reveal the truth to their in actions and actions And that will help in making the product better. Through the experiment formation, one will never get the appropriate information because it is a historic decision that certain users made. These decisions are only experiments that never make a product a better version and struggle to make the product more developed.
Make decisions
The next chart, which showcases the decisions, is further linked with the concept based upon the market feet or the regrowth footings the start-up company or organization can display their innovations. Moreover, this decision criteria can also be linked with the first lesson, which talks about unique traits based on market research that can tell about the betterment of a product. Moreover, these decision criteria can further make a struggle to develop a product in the market that will further be based upon the experimentation approach.
Conclusion
In an overview, it has been made clear that whatever daughter is conducted is entirely based upon the lessons and concepts learned in, start up or lean start up approach.
Students must write a report linking the concepts learned during the simulation back to the lessons discussed in the Lean Startup and discuss your top lessons learned during the simulation.
1) You are expected to link back to at least 3 concepts from the Lean Startup. For each, you must discuss the concept in detail, to demonstrate your understanding. You must then explain how it is portrayed through the simulation.
2) You are expected to discuss your top 3 lessons learned in the simulation, and how you believe they will apply in your future career.
