Question

Given below are two statements :
Statement I : Lean start up methodology prioritizes extensive market research before any product.
Statement II : Lean start up methodology focuses on creating a Minimal Viable Product (MVP) to test hypotheses.
In the light of the above statements, choose the correct answer from the options given below :

• A. Both Statement I and Statement II are true
• B. Both Statement I and Statement II are false
• C. Statement I is true but Statement II is false
• D. Statement I is false but Statement II is true

Hint:

Think: Lean = Fast + Iterative. Traditional = Heavy Research + Slow.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
The Lean Startup methodology, popularized by Eric Ries, focuses on shorter product development cycles and discovering if a business model is viable.
Step 2: Detailed Explanation:
1. Analysis of Statement I: Traditional business models prioritize extensive research and a multi-year plan before building. Lean Startup rejects this, arguing that you can't know the market until you put something in it. It prioritizes "learning" over "researching". This statement is false.
2. Analysis of Statement II: The core of Lean Startup is the "Build-Measure-Learn" loop. You build a Minimum Viable Product (MVP)—the simplest version of the product—to quickly test if your business hypotheses are correct. This statement is true.
Step 3: Final Answer:
Lean startup is about iterative development and MVPs, not heavy upfront research.