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Note
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Reference no. 9-813-S06
Spanish language
Subject category: Entrepreneurship
Published by: Harvard Business Publishing
Originally published in: 2012
Version: 13 December 2012
Revision date: 9-May-2019
Length: 23 pages
Data source: Field research

Abstract

This is a Spanish version. Firms that follow a hypothesis-driven approach to evaluating entrepreneurial opportunity are called 'lean startups.' Entrepreneurs in these startups translate their vision into falsifiable business model hypotheses, then test the hypotheses using a series of 'minimum viable products,' each of which represents the smallest set of features/activities needed to rigorously validate a concept. Based on test feedback, entrepreneurs must then decide whether to persevere with their business model, 'pivot' by changing some model elements, or abandon the startup. This note describes, step-by-step, how to follow the hypothesis-driven approach when evaluating entrepreneurial opportunity; explains how the approach mitigates cognitive biases that otherwise can contribute to poor decisions; and considers conditions that are best suited for lean startup methods.

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Abstract

This is a Spanish version. Firms that follow a hypothesis-driven approach to evaluating entrepreneurial opportunity are called 'lean startups.' Entrepreneurs in these startups translate their vision into falsifiable business model hypotheses, then test the hypotheses using a series of 'minimum viable products,' each of which represents the smallest set of features/activities needed to rigorously validate a concept. Based on test feedback, entrepreneurs must then decide whether to persevere with their business model, 'pivot' by changing some model elements, or abandon the startup. This note describes, step-by-step, how to follow the hypothesis-driven approach when evaluating entrepreneurial opportunity; explains how the approach mitigates cognitive biases that otherwise can contribute to poor decisions; and considers conditions that are best suited for lean startup methods.

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