building a minimum viable product
TRANSCRIPT
Building a
Minimum
Viable Product
Brian Park, RN
DescriptionDevelop the skills to generate a minimum
viable product (MVP) for any idea.
Objectives1. Create an MVP for your business idea
2. Develop an action plan to build your
MVP
3. Leave this class with the skills to create
an MVP for anything
What is an MVP?
A basic version of your product that has
enough value to generate paying
customers. Its purpose is to provide
feedback in order to guide development.
Think of it as an experiment.
Suzie’s Lemonade Stand
Why create an MVP?
1. Evidence Based Practice
2. Cheaper
3. Faster
Step 1: Choose an Idea
Assumptions about…
1. A problem
2. Who has this problem
3. A desirable solution
Problem: People want lemonade, but can’t
get it in the neighborhood.
Who?: Thirsty neighbors that like lemonade.
Solution: A lemonade stand in the
neighborhood.
Describe Your Idea
ONE SENTENCE!
What is it?
What problem is it solving?
Who is it for?
Example: “Suzie’s” provides lemonade to
thirsty lemonade-lovers at a convenient
location.
Step 2: Identify Problems
Why won’t your idea work?
At least 2 reasons
How to find problems:
Customer feedback
Personal excuses
Ask: Why can’t I do this right now?
Step 2: Identify Problems
Example Problem #1
Mom doesn’t want me talking to strangers.
Example Problem #2
I don’t have any money.
Common Problems When
Starting
1. I don’t have the money
2. I don’t have the time
3. I don’t know how to…
4. I’m not good at…
5. Competitors
Step 3: Create Solutions
1. Prioritize your problems by importance
2. Create 3-5 solutions you can implement
now
3. Focus on the cause of the problem(s)
Step 3: Create SolutionsExample Solution #1
Get Mom and neighbors to watch her while she sells
lemonade.
Example Solution #2
Ask Mom to use items in the house to make the stand.
Example Solution #3
Ask Mom to use instant lemonade mix.
ResourcesFreelancers
Odesk.com
Peopleperhour.com
Fiverr.com
E-commerce Platforms
Shopify.com
Squarespace.com
Woocommerce.com
Mailchimp.com
Graphics
Canva.com
Recite.com
Easel.ly
Customer Surveys
SurveyMonkey.com
Wufoo.com
Typeform.com
Copy/Edit
Grammarly.com
Hemingwayapp.com
Pitcherific.com
Liber.io
Stock Photography
Everystockphoto.com
Picjumbo.com
Pexels.com
Legal
Legalzoom.com
Nolo.com
Success Metric
A measureable metric that allows you to
gauge your success and growth.
How and when do I know my assumptions
are valid?
Requirements:
MEASUREABLE
Time Frame
Success Metric
Example
“Suzie’s” will sell 30 cups of lemonade on
opening day.
Step 4: Action Plan!
5 Steps you can take right now
How do I achieve your success metric?
What’s a good experiment I can run to
validate my initial assumptions?
How will I find and reach my first customers?
Suzie’s Action Plan
1. Ask Mom, Dad, Babysitter, & neighbors if
they’ll watch her sell lemonade
2. Get permission to use lemonade mix
from the pantry
3. Build lemonade stand from a box in a
garage
4. Sell lemonade in front of the house
5. Advertise: tell all the neighbors & smile a
lot
Success?
Did you meet your success metric?
YES: Great! What did you learn? Use that to decide your next steps to grow. Repeat this process to optimize those steps.
NO: No problem! What did you learn? Use that to throw away the idea or “pivot” the idea. Repeat this process for your new direction or next business idea.
Pivot
To change the direction of your idea to test
a new assumption about your product,
audience, and/or strategy.
Wrong audience?
Wrong marketing strategy?
Too many product features?
Too few product features?
Build – Measure – Learn
Repeat
Suzie’s Success
“Suzie’s” sold 34 cups of lemonade on opening day.
What she learned:
Customer poll: No one likes lemonade
75% of customers were neighbors she told about the lemonade stand
More customers bought lemonade when she smiled really big
Pivot?
Questions?
E-mail: [email protected]
SlideShare:
Lean Methodology
How to Build a Startup: The Lean LaunchPad by Steve Blank
https://www.udacity.com/course/ep245