Once a Hong Kong based entrepreneur has confirmed the co-founder partner who will be working alongside him for their new startup, and has completed the company incorporation in Hong Kong, he will be facing the next stages. One of the next stages involved will be to run and manage the key project with the lean startup concept. In short, the lean startup project management concept is a method for building and managing any startup. In recent years the concept has become an essential guide to many startup founders and entrepreneurs across the globe (including even HK startup founders).
With the usual conventional startup concept, the Hong Kong founder and his team members would spend months or years developing a product before taking it to market. The upside is that once the product is in full launch, it may well be a perfect product in the market that all competitors are going to be afraid of. The problem is obvious. With this approach, it takes too long for the actual product to reach the market. Time goes by, and demand changes over time. When it takes long enough, the audience’s preference to a product would have been changed. Before the perfect is launched in full, the competitors could have launched their similar product in multiple stages and they would have tested the market multiple times to adjust the product to the perfect stage. In short, with this approach the entrepreneur is likely going to miss the right time to launch the right product.
The lean startup concept is an approach that is evidence-based and iterative. It lets the Hong Kong entrepreneurs test different assumptions in multiple stages. The attributes that may be tested against include the need for a particular product, the willingness to pay for the product, the approval of the assumptions in the very early stages, and more. The approach leads the HK startup business founders to create a minimum viable product (MVP) at each development stage. This would test against the traction or interest of the target audience whether they are willing to pay for using your product.
Hong Kong start entrepreneurs should keep in mind that the lean process is not about launching a full-functionality product in a short time. It is not even about launching an entirely new product. But it is to create the bare-bones solution, and have the solution practically tested against some continuous actual events. It is about creating the most value for the fewest resources.
Starting a new business anywhere in the world including Hong Kong is never an easy mission. Without a good understanding of the lead product concept, most HK company founders would have fallen into the trap of developing a fully functional product and would have missed the opportunities to sell to the majority of the target audience at the exact moment.