A Lean Framework for Starting a New Venture

Dean A. Shepherd () and Holger Patzelt ()
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Dean A. Shepherd: University of Notre Dame
Holger Patzelt: Technische Universität München

Chapter Chapter 3 in Entrepreneurial Strategy, 2021, pp 51-71 from Springer

Abstract: Abstract The lean startuplean startup framework is one of the most popular contributions in the practitioner-oriented entrepreneurship literature. This chapter builds on a recent paper (Shepherd & Gruber in Entrepreneurship Theory and Practice. https://doi.org/10.1177/1042258719899415 , 2020) to highlight new insights into how new ventures are started based on the lean startup framework. Specifically, we describe the origin of the lean startup framework and its five main building blocks—(1) identifying and evaluating market opportunitiesopportunities in startups, (2) designing business modelsbusiness model(s), (3) engaging in validated learningvalidated learning (including customer development), (4) building minimum viable productsminimum viable products (MVP), and (5) learninglearning whether to perseverepersevere with or pivotpivot from the current course of action. We organize these building blocks into a framework suggesting how considering the contextual characteristics of and the interdependencies between the building blocks can enrich our understanding of using the lean startup framework to start a new venture.

Date: 2021
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DOI: 10.1007/978-3-030-78935-0_3

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