Our entrepreneurship blog promotes entrepreneurship globally, as the key driver for future national and global economic growth and development. Entrepreneurship contributes to economic development because entrepreneurs create new businesses, and new businesses create jobs, ensure variety, intensify competition, and may even increase productivity through technological change.
Some studies argue that in recent decades, several trends such as the development of new technologies have resulted in new business models that suit small and new ventures better than before; hence they see a shift from large corporations to small and new ventures. One of which is the Lean Start-Up, offering a new potentially low-cost methodology and business model innovation. It provides a launchpad for disruptive high-tech companies seeking to maximize the possibilities of the internet of everything. It also provides the mechanism for advancing entrepreneurship in existing large corporate and businesses or in innovative “stand alones”.
Our entrepreneurship blog outlines how the lean start-up differs from conventional business models because it favours experimentation over-elaborate planning. This gives people permission to take intelligent risks and learn by failing, resulting in increased agility and speed to market. It uses customer feedback and design thinking to create, iterate and pivot low cost minimal viable products and services until they are fit for purpose. This eliminates the need for expensive upfront product development and traditional testing methods.
Entrepreneurial lean start-ups can proliferate via the internet of things and potentially create an entrepreneurial innovation-based economy that helps solve some of the world’s wicked problems whilst promoting economic growth.