Reflecting on the Efficiency of Design Thinking and Lean Startup

Abstract

Objective: In this article, the methods used to simplify the business modelling and founding of new companies are presented and critically reflected. Furthermore, it is discussed to what extent a specific method is advantageous, disadvantageous, applicable, not applicable, or even contradictory. Methodology: The theoretical analysis is underpinned by a qualitative interview study asking company founders about applying the methods mentioned above. The work is based on scientific papers and books and is complemented by the data originating from a specially designed study. Findings: The results conclude that business model founding instruments provide strategic guidelines favouring entrepreneurs, yet they turn out to be minor in its real-life significance as numerous factors rooted in different fields of expertise play in. Value Added: The added value of this paper is in the elaboration of efficiency bringing and risk-minimizing components of the methods, respectively. Accordingly, managers and entrepreneurs of all industries are intended to be equipped with sufficient information content that eases the decision for or against one of the methods as realistic expectations considering the application are likely to emerge. Recommendations: The limitations of this study are rooted in the chosen qualitative research since every interviewee is a subject to their individual perception.