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!
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.
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.
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.
Don’t just ask your mom if your business idea is a good idea but don’t ask anybody else if your business idea is a good idea
Don’t mention your idea too soon (or possibly don’t ever introduce your ideas to customers). That’s when you start asking good questions.
Don’t pitch! Don’t pitch your idea during customer conversations. If you do, recognize it and correct it. Pitching an idea means that you are trying to seek an approval. Don’t pitch!
Questions to dig into feature requests: Why do you want that?; what would that let you do?; How are you coping without it?; Do you think we should push back the launch to add that feature, or is it something we could add later?; How would that fit into your day?
Questions to dig into emotional signals: Why haven’t you been able to fix this already?
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Enjoy the rest of the week and stay safe.