The importance of building a minimum viable product

There are two sets of people; doers and talkers. According to the controversial, Nassim Nicholas Taleb, the doer does not necessarily need to be a good talker. Equating skills at doing with skills at talking would be unfair and unrigorous. The doer only needs to be able get things done. This is the role of an entrepreneur.

As an entrepreneur, particularly a tech-entrepreneur, it is very easy to get caught up in ‘scarcity’ thinking. Scarcity thinking makes you think about your business in terms of barriers. For example, you think that you cannot launch your business until you receive an investment that will allow you to hire a team, develop your product and market it to your target audience. As a result of this thinking you focus on developing a business plan, financial projections and a pitch deck to help you approach investors. This is flawed for many reasons. Firstly, from a philosophical perspective, unless there are regulatory barriers to launching your business, you should not be waiting for permission from any third party to build your business. Secondly, you need to understand that the moment ideas make contact with reality they change. The market shows you your blind spots and gives you feedback that you should constantly be taking in. This is the real learning process that will help you develop a realistic and sustainable business model. Your primal focus as a beginner entrepreneur should be getting your product into the market as soon as possible, to get market feedback and test the validity of your business assumptions.

In order to limit the costs you spend on testing your assumptions, you have to focus on building the bare minimum needed to allow you to test your business- an MVP.

If you need help discussing what MVP your business needs and developing your MVP at an affordable rate, get in touch with us and tell us more about your business.

We are interested to learn more about you.

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