how to build a viable product

How to build a Minimum Viable Product

If you’re working on your startup, this image is for you. The wrong way to launch is to spend too much time planning and building your product without any customers. The right way to launch is to get out a Minimum Viable Product so you can earn and learn as soon as possible.

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As Eric Ries says: “A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”

How to create an MVP in the fastest time possible:

1) Define who your ideal customer is
2) Focus on the problem you’re going to solve for them
3) Create a solution with the minimum number of steps to results

Collect a small number of beta users, and launch your MVP to your beta group to test and measure:

1) How happy are they when they use it?
2) How often do they continue to use it?
3) How many others do they refer the product to?

Then create a version 2, 3, 4 based on what you learn and what they tell you:

1) What would make the product even better?
2) What are they willing to pay for?
3) How much are they willing to pay?

An MVP isn’t about getting your ideal product, but getting your ideal customer, and then co-creating the next version from their feedback. If in doubt if you’re ready to launch, launch first and check later.

“If you are not embarrassed by the first version of your product, you’ve launched too late.” ~ Reid Hoffman, LinkedIn

PS: This article was adopted in it’s entirety from Roger James Hamilton who’s the founder of Entrepreneurs institute, a leading entrepreneur education group.

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