Are you chasing perfection or is a minimum viable product enough?

Nik LemmensBusiness AnalysisLeave a Comment

Unicorns in business

Ideas are great, in this fortune article Jackie had an idea, then ran various analysis, build a business model and did many financial forecasts. Yes you need all those eventually the one lesson from this article is that you should first build a minimum viable product first (MVP).

Once you have your MVP, the next step is to test the market. Don’t make the mistake many people make which is asking friends and family, they will just say; “I love it” what they often mean is “I love you” rather than the product but who wants to hurt the feelings of family?

Here are some ideas to test your MVP:
– Set-up a simple website and run some ads, see what the reaction is?
– hire a market stall and engage directly the audience, nothing beats getting back to basics.
– If your concept is already in existence and you believe it needs more investment / attention why not try out your product on kickstarter?

Take away: If you have a product or service test it with real customers and improve it based on feedback.

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Image by lemonart published under Creative Commons

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