The first thing required in building or starting a business is management
We have more entrepreneurs now than in the past, and this is as a result of modern management and technology, which many firms have been unable to manage. Also, we do not have an orderly management example for new innovative ventures.
Root Cause is a concept that took its name from the lean manufacturing revolution that Taiichi and Shingo are credited with developing at Toyota. It is aimed towards differentiating between value creation and waste in terms of resources, time, passion, and skill of people, and how to build quality products from inside out thereby allowing entrepreneurs make testable predictions.
The lean startup adapts two ideas in the context of entrepreneurship and they are:
• Entrepreneurs judging their progress differently from ventures.
• Products of high-quality physical goods measure growth in manufacturing.
There is also the startup system scientific learning, which is called “validated learning”. With this, they discover and eliminate any source of waste.
Secondly, the lean startup method is designed to teach how to start a startup; it helps entrepreneurs adjust their plans with the Build-measure-learn feedback loop. This enables you to know when to make a stop or when to move ahead.
Vision is the bedrock of every entrepreneur, after which is the strategy. Where there are setbacks, it is an opportunity to learn what to do to get a better result. All entrepreneurs, whether big or small, have a common trait which is acquiring new customers and serving the existing ones, but the challenge lies between balancing both.