'Lean Startup' : The Way to Reduce the Failure Rate of Startups

'린 스타트업' : 창업 초기기업의 실패 최소화 전략

  • Received : 2014.05.12
  • Accepted : 2014.08.21
  • Published : 2014.08.31

Abstract

There has been lots of discussions and new policies to encourage people to start new businesses. However, they key issue such as how to raise the success rate of new start-ups still needs to be resolved. Many believe that the success of policies and discussions for promoting entrepreneurship in Korea highly depends on how to lower the risks with which early stage start-ups encounter. In this backdrop, this study aims at providing an emerging approaches in entrepreneurship, 'lean start-up', which can work as an effective method with which early stage entrepreneurs can minimize challenges they face. Even though lean start-up is a widely accepted concept among practitioners and recognized as a useful tool for entrepreneurship and education, but has not got deserved attention from the academic world. This paper offers basic framework and key principles of lean start-ups, furthermore, shows Korean cases of step-by-step application methods of its concepts. It also suggest key issues in adopting lean start-up strategy. This study has implications and contributions for entrepreneurs, educators and researchers through providing comprehensive perspectives on process of the lean start-up strategy.

Keywords

Entrepreneurship;Entrepreneurial Strategy;Lean startup;startup