3.7V LiPo Battery To Power 3.3V Device With Diode

If you had a single cell LiPo battery and wanted to power components that operated at 3.3V while using as few components as possible, how doable or not doable would it be to put a diode in series with the power supply and use the voltage drop it provides to get a supply voltage in the range you want. What issues does that create, and are they small enough to where you could still get something working, depending on what it is? In addition, if it’s not feasible, what other options can be used to properly power 3.3V components?