MVP - Minimum Viable Product
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The document discusses essential business skills for startups, emphasizing the importance of identifying product features that solve market problems and delight customers. It advises on validating product ideas through feedback and iteration before full-scale development, and warns against building products that do not address real customer needs. Key steps include understanding market dynamics, establishing buyer personas, and continuously testing concepts with potential users to maximize success chances.
![ It’s like [reference
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category]
but for [new
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The Amazon Kindle
Paperwhite: it’s like
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MVP - Minimum Viable Product
- 1. Business Skills for Start Ups
- 2. How to Select Your Initial Product Features Barry Doctor, Harborlight Partners
- 3. What is it? What is it NOT? How do you know?
- 5. Delight customers Get lots of them signed up Make a lot of $$ Realize some big vision or change the world
- 7. “Maximize chances of success” ◦ Build a great product with enough features that increase the odds that customers will want it ◦ Problem: no feedback until the end, might be too late to adjust “Release early and often” ◦ Get as much feedback as possible – quick ◦ Problem: run around in circles, chasing what customers think they want
- 8. Avoid building products that nobody wants Maximize the learning per dollar spent Probably much more minimum than you think!
- 9. Visionary customers can fill in the gaps on missing features, if the product solves a real problem Allows us to achieve a big vision in small increments without going in circles Requires a commitment to iteration
- 11. Anther Possible Definition: Good products for startups to build Minimum Viable Crappy products nobody wants to use products built by companies better financed than you
- 14. What is the Market Problem that your product solves?
- 15. I just had an idea I needed it I thought it was cool I had this one guy who wanted it
- 16. Who has the problem? In what industries? Identify buyers and users What are they using today instead of your sparkly, glitzy, innovative, never before seen product?
- 17. The simplest solution that someone will pay for is the MVP
- 18. Describe your MVP concept to possible buyers Share wireframes or mock-ups Gather feedback from possible buyers Do NOT build the product… yet
- 19. Do you have a solution seeking a problem?
- 20. Identify who (buyers & users) has the problem Research the target industry Talk to potential buyers & users Establish your positioning Test the concepts
- 21. that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
- 22. It’s like [reference product in another category] but for [new application] The Amazon Kindle Paperwhite: it’s like an iPod but for books.
- 23. Our <products and services> help <buyers/users> who want to <solve a problem> by <reducing something> and <increasing something else> unlike <competing solution>.
- 24. because the concept is flawed because the solution doesn’t solve the problem because the product isn’t yet good enough because the market positioning is wrong because you’re targeting the wrong customers
- 26. Understand the market Define the market problem Create Detailed Personas – details in ebook at www.outsideinview.com
- 27. Identify the Market Problem first Determine the target buyer persona Ensure that the solution will solve the problem AND it is something the target buyer needs and is willing to pay for Mock up/smoke test/alpha test concept Collect buyer feedback Revise & Iterate…
- 28. Smoke test / landing page / AdWords / SEM Alpha test / In-product split testing Remove some features Paper prototypes Customer discovery/validation/feedback – physically do some interviews ◦ Find/create user community ◦ Use Google Hangouts, LinkedIn, Dev communities