Prototyping Your Business Idea

Have you validated your assumption that you have identified a problem worth solving?

In that case, you are ready to validate your proposed solution. This starts with getting a deep understanding of your proposed customers’ needs and then building your first business prototype, often called your MVP or minimum viable product. Your MVP is the lowest cost and simplest product you can build in order to test your assumptions about the value you provide to customers.

The trick here, as the saying goes, is to "fake it until you make it." In other words, do whatever you can to appear to provide your solution, without actually building it. There are a variety of approaches you can use to build and test your MVP. One approach is the "concierge MVP" which involves running processes manually behind the scenes. Another is the "hack MVP" which uses an existing service but tweaks it enough to deliver your unique value proposition.

Here are some tips for creating your first MVP:

  • It doesn't have to look pretty
  • The aim is to reduce your risk so determine where your greatest risks are
  • Only build features that your customers want
  • Test your MVP with real customers
  • Be prepared to pivot at any time to meet customer needs
  • Use rapid development processes such as agile and sprint
  • Use A/B testing when choosing between 2 options
  • Use metrics for each hypothesis and stick to them

If you want to hear more from an expert in MVP and prototype development then check out this seminar on May 8 or contact ecentre for professional advice.

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