How to Build An MVP | Startup School

09 Nov 2023 (1 year ago)

How to Build an Minimum Viable Product (MVP)? (0s)

It's crucial to launch an MVP quickly and iteratively improve based on customer feedback.
Learning about the user's needs begins once they have a product to interact with.
The objective is to solve user problems, not to distract oneself with extensive surveys, competitor analysis, or hiring excessively before launch.

Early-stage founders should swiftly release an MVP and engage with initial customers to understand their needs.
Founders should focus on how to make the product useful for their customers and iterate accordingly.
Iteration based on user feedback is key to developing a product that customers are excited to use and pay for.

The fear of rejection from early users is common but often unfounded; early adopters are willing to tolerate imperfections.
Analyzing the fear of failure can reveal that it is usually not the end of a startup; the company can continue after setbacks.
Even Steve Jobs iterated his products, and first versions were not perfect.

MVPs should be quick to build, have limited functionality, and focus on a narrow user base.
Airbnb's initial MVP lacked integrated payments, map view, complete rental properties, and was conference-specific.
Twitch began as Justin TV with continual broadcasting by a single person, and it had high costs due to CDN usage.
Stripe started with basic credit card processing services that were attractive to other early-stage startups.

MVPs address customers with urgent needs ("hair on fire") that are desperate for any solution, even non-perfect ones.
Customers with less urgency can be approached later; prioritizing desperate customers simplifies the startup process.
Surveys do not suffice in understanding how to solve customer problems – actual product interaction is necessary.
Founders should accept that customers are experts at their problems, not solutions.

MVPs are about launching quickly, collecting customer feedback, and iterating without delay.
Success lies in solving core user problems and improving the product, not in creating perfection on the first try.
Fear of initial failure shouldn't prevent releasing an MVP since learning and adaptation are integral to startup growth.
Examples like Airbnb, Twitch, and Stripe illustrate successful MVP strategies focusing on core functionalities.
Target customers with immediate, "hair on fire" problems for initial product validation and iteration.

Establish a specific deadline to maintain focus on a minimum viable product, such as two weeks, a month, or a month and a half.
Document your MVP's specifications, listing all the features you think are necessary for launch, to avoid ongoing debates and forgetfulness about features.
After defining your specs, critically evaluate each feature to determine if it's truly essential for the MVP, removing non-critical features for future versions.
Avoid becoming too attached to the MVP since it's expected to change and evolve; focus on the customers and their feedback rather than the initial version of the product.