Validation & MVPs

Hey friends,

This week’s topics are about idea validation and MVPs. How we can leverage these topics to ensure we have a product or business worth spending our time and money into.

Lets dive into a few resources worth a read!

💡 Idea Validation

Validating business ideas is important, from a time and monetary perspective. Why? If you build your business, and invest hard-earned dollars, I am certain you want it to work out.

But, if you have approached no one or spoken to customers about the problem you are trying to solve, how did you know it’s something that ‘customers’ want and would pay for? The linked article goes through 5 important steps addressing these very topics.

💨 Minimum Value Product (MVP)

A term I first read in Eric Ries’s book “The Lean Startup”. Essentially it means, to quickly create a very basic prototype, that is not expensive, or doesn’t take too long to create. The idea is to create this basic version and show people “potential customers” what you’re trying to solve.

Based on feedback “validation” you then commit to a better product and spend more time on it. This only applies if the signal to create this product is well received and creates interest, otherwise, you abandon it, and go onto the next idea.

🎤 Jeff Bezos Motivational Speech

In this video, Jeff speaks about business, how to make bold bets and experiment.

“Companies that don’t embrace failure get into a desperate position of hail Mary bets at the end of their company existence.”

The Mom Test by Ryan Fitzpatrick

A book about the questions to ask and to whom. A few points outlined below.

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Thanks for tuning in this week. I hope you found the content helpful. If so, please share it with some friends!

Enjoy the rest of the week and stay safe.