MVP Mistakes

In starting a business there comes the time to build the minimum viable product.

The most common mistake is planning a grand vision for the initial product.

The MVP will be much smaller than the vision.

MVPs often gather customer feedback on the usefulness of the product but not the actual careabouts of the customer. 

This often generates superficial feedback.

There needs to be more in depth research with the customer to spec out a final product.

Many try to take the MVP and with some additional work turn it into the first product.

This is typically a mistake because the findings from the MVP change not only the product but also how to position and monetize it. 

This requires an entire re-do of the product itself.

The MVP should validate your value proposition.

Your value proposition often changes after talking with numerous customers.

Finally, it’s important to use the MVP to test the key assumptions behind the business.

This includes the size of the market, how to execute it, and how much you can charge for it.

Avoid these mistakes in your MVP process. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.