Lean startup is a business development model where entrepreneurs quickly launch a prototype product, measure customer feedback, and use the insights to make adjustments or decide if the venture is viable enough to proceed. This methodical approach eliminates costly trial and error. It shortens the usually long product development cycles and delivers better products or services faster to customers.
Entrepreneurs behind a lean startup do lots of market experimentation and testing, which helps produce new products and businesses that are responsive to the market’s needs.
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