In this section we will explore what is your MVP and create a strategy to complete the task at hand. Remember our goal in this class is to ACT, not be theoretical about the business. The faster you can develop your product or service, the faster you can get to market and get feedback about your business concept and assumptions made.
The minimum viable product includes the following steps:
- Define a goal for your MVP. What are the minimum features you want to test in your product and service for the first phase?
- Create a strategy. What steps and tasks do you have to complete to reach the goal set? Who is responsible for doing what? What are the available resources? What are the lacking resources.
- Execute on the strategy. Follow all the steps, deadlines and tasks created in your strategy to achieve your goals on time and within budget.
- Test and launch your MVP-1. Take your product on a test run with your potential customers. Let them explore the feature and solutions you built.
- Collect data. Based on the interaction of the customer with your concept did they like it, how can you improve it, what are your next steps.
All these steps will lead to better understanding of your business concept and your customer segment. After MVP-1 you should have enough information to make informed decision regarding your business.
For MVP, all teams will be required to submit a pitch video about their business concept. We will discuss the details of the pitch during one of the upcoming lectures in more details.
In this assignment, we will follow the steps highlighted in the lecture and second video to create an MVP list and a strategy.
Complete the attached assignment. Submit one PDF document to the discussion board section per instructions given.
- What is your business concept?
Use the basic business pitch format discussed last week
- Who is your customer market?
How do you define your direct customer. Make sure to watch the video “Why Startups and Products Fail”
- Define your MVP-1. Where is your business by the end of the semester?
What do you hope to accomplish by the end of the semester? Outline 3 exact goals you want your business to have/reach. Do not mention things like a business website or social media account. You should list exact feature goals and sales if any.
- Exactly specify how will you test/know if your customers need your solution/product/service? You need to have an exact strategy not theory.
- Provide a bullet list of the features/options for your MVP-1.
What features will your product or service have (minimum of 5 required)? If you are a service outline how your customer will order your service. If you are an app outline the features that test the customer demand for your app. Make sure you follow the principles discussed in How to Validate Your MVP video.
- Attach a picture of your project planning
Use any project management tool to outline the goals and responsibility of the project. You can use Trello, Asana or Google Sheets. Remember every task should be assigned to a person and with a deadline. Be thoughtful about these tasks since they will control the success or failure of your business and your ability to deliver results on time.
- Your MVP table should actually be filled out with related tasks and estimated due dates.
- Do not submit an empty sheet with marked columns only.
- Do not submit fake data just for the purpose of the assignment.
- Do not submit a plan with high level tasks. I want to see everything that you will do to accomplish the tasks and deliver a product
- Make sure you think about project flow and tasks.
MAIN GOAL: BEFORE WE SPEND WEEKS AND MONTHS DEVELOPING A FINAL PRODUCT, LET’S DEVELOP A SMALLER VERSION OF OUR FINAL PRODUCT AND CHECK IF THE CUSTOMERS WANT IT. IF THEY DO THEN WE CAN SPEND THE RESOURCES TO EXPAND AND BUILD A BUSINESS AROUND IT.