Advantages of the Lean Approach for Initiating and Developing a Small Business in a VUCA Environment
Abstract
This paper explores the application of the Lean approach in the initiation and development of small businesses, particularly in volatile, uncertain, complex, and ambiguous (VUCA) environments. It contrasts the Lean methodology with traditional business planning, emphasizing its advantages in fostering adaptability and competitiveness. By leveraging iterative experimentation, rapid feedback loops, and flexible business modelling, the Lean approach enables entrepreneurs and managers in small businesses to mitigate risks and navigate market uncertainties more effectively. The study highlights how small firms can integrate Lean principles to enhance resilience and agility, ultimately improving their chances of business survival and success.
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