EP-34 Mini: Minimum Viable Product (MVP)

One of the BIG mistakes I made in my first start-up was we did not test the market early. We got the product 80% "right" and were out of money and the customers were not buying. Lesson learned for sure! What are the key points of MVP?

•Test your product concept EARLY using a prototype! Could be a bare-bones version, a mock-up,

•Listen and learn...get out of your co-working space, garage, etc. and go to where your customers are.

•Validate...you are not your customer...show that real customers find your product/service valuable by using your product.

•Be agile...iterate quickly...use the feedback you get to improve your product.

•Be nimble, be willing to experiment at high speed.What do you get by doing this...

Lower your customer acquisition costs for early customers (you've already reached them!)

You reduce the chances of making big mistakes with your product

You generally actually reduce the time to market.

You accelerate learning.

You become better at adapting to future change...this is a mindset as well as a set of skills!

We love to hear from our listeners, send us your questions, comments, and suggestions at [email protected] We will answer your questions in a future episode.

Thanks for listening,

Bela and Mike

This podcast is produced by Bizi Media, they can be found at www.bizimedia.co