The concept of a minimum viable product (MVP) originated from Eric Ries’ Lean Startup. It stresses the importance of identifying and presenting a product’s most rudimentary features so a business owner can collect the maximum amount of validation with the least amount of effort and resources.
In this episode, the Business Geeks discuss the importance of using MVP and how you can use it to fund, launch, and develop your business idea. They also share minimum viable product examples for businesses in the contracting or trade industries.
What To Listen For:
- Getting investors vs using your own funds for your business (06:25)
- MVP needs to feature what separates your business from others (11:20)
- Airbnb as a case study for MVP (12:24)
- Using MVP to strip down launch strategies (14:13)
- Pare down the features (17:00)
- What single problem will your MVP solve and how can you market it? (21:58)
- Other features can be used as an “upgrade” (23:30)
- Impose deadlines (24:01)
- Use MVP even beyond the launch and as your business develops (24:46)
- MVP for contracting or trade businesses (27:23)
- Listen to what your ideal clients want or what you think they will want (34:30)
What’s Grinding Our Gears
Joe: Phone carrier call waiting systems and strict policies (39:33)
Jen: Subscription company with a confusing message (46:44)
Check-In With The Geeks
Catch us live each week on Monday 8pm EDT / Tuesday 10am AEST at the Business Geeks Podcast page on Facebook.
Submit your question to the geeks at firstname.lastname@example.org to have your question answered live on the show. Be sure to include your business name for a free shoutout.
Find Samantha at SamanthaRiley.global
Find Jennifer at Sparent.co
Find Joe at SuperJoePardo.com