Lean methodology isn't about using ready rules and algorithms of actions, although it may sound like it is. On the contrary, it implies agility and a situational approach to decision-making. These qualities were adopted from Agile, a system of management used in the development of digital products.
The journey of a startup according to the Lean methodology is determined by data received as a result of a scrupulous analysis of the market, your target audience, and the most important, your own experience.
Do you understand the meaning of the word "lean"? What should startups lean on to make it a success? There are some crucial factors that should be taken into consideration at any stage of managing any business.
— Pains and needs of your target audience;
— Ways to solve them that really work (it's important). They can be discovered only by trying different approaches and dismissing those that don't work;
— Optimization of your expenses.
The main idea of Lean philosophy is minimalism. You do only things that are backed with the real facts and information, nothing more than this.
— You determine the needs of your target audience.
— You use ONLY those approaches that work.
— You don't spend much at the very beginning of your startup's journey when you are limited in your expenses.
What do we have in the end? We have a startup that uses its resources wisely and keeps up with the heartbeat of the market. This philosophy is perfect for startups that have a small budget and those that have failed to attract investments. It requires a never-ending analysis of a startup's activity, using different strategies to reveal which one works the best and giving up theory for practice.
If you understood Lean philosophy, you already know that it doesn't imply ready decisions and predetermined strategies. Cryptocurrency is a digital product; therefore, agility is important in this business field.
A violently volatile crypto market full of scammers and hackers is no cakewalk; this space is tough and you really need to be able to maneuver and get the maximum of minimum to thrive here.
How can you apply Lean methodology in a cryptocurrency-related startup? We can't give you the exact clues (and no one can) but a piece of advice that might be helpful.
Do you really need to rent an office for your team where you will have to pay the bills? Or maybe it will be more effective to use that money for promoting your product?
This will help you to be always aware of the latest news, trends, and problems of the crypto market. Here you have access to the information of top importance, can understand the mood of the audience, and react to new trends immediately.
Surveys, tests, any opportunity to receive feedback about what they want or don't want from your product are very important. This will help you to set priorities and spend your money and resources wisely.
The cryptomarket develops with cosmic speed, and trends get outdated so fast here. What works today may not work anymore tomorrow. You should always be ready for this and constantly search for some new ways and solutions. Your improvement should become a life-long journey. The same with market analysis and inventing new methods of work. This is how the digital sphere works, and so does the Lean methodology. You lean on something but already look for something new to lean on.