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Building a Minimum Viable Product

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It is tempting to think that you need to build a perfect ship before you can possibly sail. You will naturally think that your customers will not buy from you unless you offer a great variety of features, have a fab office and a gorgeous website etc.

Many of these things are not critical to get you started. The art and science of entrepreneurship is figuring out that minimum viable proposition that your customers absolutely need, making it at a decent cost and shipping fast to test the market. The truth is that you will not know exactly how your product performs unless it’s out there in the market, hence it’s so important to launch fast and iterate as you go. Having a prototype product/service is more valuable than having the most sophisticated and elaborate drawings and business plan. Customers don’t buy a business plan. 

This approach of alpha and beta launches is not applicable to all industries. There are numerous industries like healthcare, highly regulated finance and others where you need to get through the hurdles of getting correct licenses and regulatory approvals before you can sell to customers. Such laws and regulations vary tremendously across different markets, so research thoroughly what you need to get started and talk to others in your industry to learn more. 

  • Do you know what the MVP for your idea looks like?
  • Can you create a prototype for your product or service fast?
  • Can you get pre-orders to prove your concept?

For more advice on building a minimum viable product, please don't hesitate to contact our Team.

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