Hello and welcome to this course on lean startup. You have seen you're watching this video means you have some idea which you you want to develop. How many of you have working on it already? Do you have any partner to work upon it? Have you started working on the project? Do you have any business plan ready for you?

We have any prototype for you. What is the progress of your idea? Is it completed not yet completed half completed? These are all the questions that we are struggling all the time when we are developing any idea into a startup or into a business plan. We may have an idea but we may not have started working on it because we don't have the right team we don't we don't have we have not think of it properly. We are not sure on it.

Is gonna work not gonna work. We don't may not have money. Maybe we have started but we have not completed it. Maybe we are still developing the prototype. Maybe we are still developing the test. Maybe we are not satisfied with our Project completely.

There are so many many there are so many vias there are so many ifs and buts when we are developing certain idea, lean startups are helping us. The Lean Startup techniques are helping will help us to overcome all these shortcomings while we are converting our dreams, our ideas into the real business. Do you know that nearly 300 startups failed in 2019? Have you any Do you have any guests why they would be have failed? lack of money is might have been a regret, the bigger, bigger reason. However, there are other reasons why the startups fail.

Here are some of the reasons there was no market need in 42% cases. In 49% cases they run out of cash 33% cases didn't have Team 19% cases didn't get they get out competed price costing issues user unfriendly product or without a business More than what lean products, what lean strategies help us lean strategies will not help us in in all of these areas. They will help us to understand does our product need? There is a market need or not? Do we? How much cash do we really spend on developing our idea?

Not the right team, maybe not. They need to find out the passions got out competed faster than the competition. There are many other reasons why the startups fail in 2019 for marketing, ignoring customers for Miss time, lose focus. There are all kinds of reasons which were so big in this in this class, we will be learning more about the lean startups, the lean business models, the lean technologies, what lean techniques, technologies, how we can help our business to grow faster to grow and need to grow and to start our business. To get to Make sure that we do get some kind of certainty in this uncertain world to get some kind of success. So what is the Lean Startup?

What does mean? What is a startup? So let's first break down this word into two parts startup and lean. So what is a startup? The startup is a human institution designed to create new products and services under conditions of extreme certainty uncertainty that is written by Eric Ries author of the lean startup. The basis of this course the whole book or the whole course is based on the lean startup.

You can read the book as well. We I have uploaded the book into the Course Resources. However, the objective of this course is to make it easier to read and to explain the concepts in easy to understand language rather than spending time on reading the entire thing. We are not going to convert entire book one by one into this course. We have picked and choose Some real life situations as well. So that you can relate to your ideas.

So, this is a startup. So in startup is something which is an in any institution run by a human to create a new product in extreme uncertainty. Here in this world, we are living in a huge uncertainty, we are not sure what customer the customer behavior are continue to change very, very fast. 10 years ago, nobody knew about Facebook. Now Facebook is the again, internet in many countries. There was the internet, the internet has empowered and up, shut up late or disrupted a lot of businesses already and it will continue to do it.

Now we are doing artificial intelligence, machine learning robotics, but so many technologies 3d printing, which are disruptive, highly disruptive, and that is the technologies are disrupting itself. The new technology is disrupting the old technology. So the world is very unclear. Are they the products are keep on changing very, very fast the customer demands are changing very, very fast. So, in this world, we are supposed to develop some products and services. When you are developing certain products and services, it takes time to develop them.

Maybe by the time you are ready with your product, the market has gone already. That's why the lean startups are coming into the picture. This is not a new technology. It's not a new concept here. This concept was run a couple of years back by Eric Ries and still it's a hot topic. The objective of this is too fast and your customer fast in your product and to make sure that you are developing something which the market needs and helping you if you are discovering any fast to make to recover your mistakes very fast.

So let's go through it. What is mean in English Dictionary of the meaning is efficient with no wastage the lien also means no Fact. So in the in our terminology, the business analogy, lean means efficient and always efficient means efficient to adapt, efficient to change, efficient to develop a product efficient to design the product efficient to implement ideas. So the Lean Startup would mean, we build something, we launch it, we learn from it, we have an idea we built up around it, we launched the idea we learn from it, if it's failed, we just move on another idea develop it five voted change. So that's the Lean Startup method to systematically address certainty through rapid iteration and machine learning market learning. So it's a systematic process.

To address the uncertainty through iteration iteration means the continue to repeat itself repeat the process from idea to fail to launch to learn to idea to learn to launch to learn, and then market learning. So the I the objective of the lean startup is to build to do it. It built to launch and then learn from it, adapt from it, so that you can make your products efficient and faster. Thank you very much