In developing a minimal viable product avoid these mistakes:
Trying to create your vision fully in the MVP.
The MVP will be a greatly reduced version of the envisioned product.
Taking customer feedback literally.
Customers will provide feedback and ask for specific features.
In building a product you must look at the bigger picture to see what problems you solve and what problems you don’t solve.
Overbuilding the MVP.
The MVP should be simple to install and use and should not require extensive support to engage users.
Using the MVP as the basis for the final product.
The MVP provides feedback from which you rethink the entire product including the form factor, features, and even what problem you solve.
Building just one MVP.
The more MVPs you can build and test the more you will find the right mix of features, pricing, and form factor.
Avoid these mistakes in building your minimum viable product.
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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.