Many entrepreneurs have tried several concepts, but still haven’t found the right idea for their start-up company. Indeed, before success is achieved, many start-up entrepreneurs have had numerous unsuccessful products.
A minimal viable product (MVP) which verifies your start-up concept before you devote all your time and effort to it is the best approach to avoid getting into this pitfall. When it comes to launching an MVP, there are a variety of ways to explore. Let’s have a look at some important stages to consider that have been tried and proven.
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Allow the idea to come to you
Many start-up creators come up with an improper strategy to pursue the right start-up idea: they begin with a blank page. Then they strive to develop concepts that could be appealing to others, something that is often unreliable and transient. Instead of issues or problem solving, they begin with abstract concepts.
In fact, this is the opposite of the more prudent approach. You should rather search for issues that you may have or problems that are experienced by others, instead of attempting to develop a start-up concept. Let necessity become the engine of creation.
Try small before jumping in
This tip saves countless wasted hours, and the principle is straightforward: develop a scaled-down version of your idea before spending a lot of time on a project and test whether customers are prepared to buy it. No matter how good an idea seems on paper, it will need customers to achieve success.
Before spending too much cash, be sure to secure some forward pay-outs. Somebody can easily tell you that when it comes to market, they will buy your goods. These individuals could even have the finest motives and encourage you as you create your product, but their excitement can sometimes be misguided. It is vital to note that this is not the same as talking with their wallet.
Thus, develop the smallest form of your product and watch how the market responds. People buying your product is a good market signal that you may be on the right track.
When starting out, be flexible on pricing
Many entrepreneurs are obsessed with prices and constantly stress about it. Don’t be overly concerned with finding the right pricing point at the nascent stages of your business. It is crucial at this point to decide if people are even paying for your goods or not.
Begin by testing the market at a fair price. You can always revisit the pricing structure later and adjust accordingly. Don’t undersell yourself and price your product too low, as buyers may see this as a concern and wonder why.
Action is more important than research
Action is what makes things happen. It is critical to act quickly and without becoming bogged down by over thinking or analysing. Too much analysis can also let doubt slip in through the cracks. Countless individuals become stuck in research and stress and consequently never get their project off the ground. Conversely, successful entrepreneurs prefer to act and are not worried about making mistakes and learning from them. There’s no teacher quite like experience.
It is true that consumers may not immediately purchase your goods, or you may not be able to achieve the response you were aiming for, but it’s here that opportunities abound with the right attitude. For example, most digital goods are subject to numerous iterations and revisions before managing to find a lucrative market.
In the course of time, rejection is easier to handle as you see the value in it. You need to know precisely why people don’t believe your product is up to scratch to develop and produce something that people will want to buy.
Embrace changes in your product
Your product will appear quite different from the launch stage to being market ready. Therefore, do not connect too much to a specific feature or product direction. Keep an open mind to innovative ideas that will enable long-term success.
When managing your company in the early days, it is important to be adaptable and not stagnate. You may be overly wedded to your initial idea or concept if you find yourself unwilling to make necessary changes to your product.
It’s fine though to have some preferences; to some extent, it’s inevitable that those who birthed the idea will be a little biased. The key is to be able to go forward with an open mind, take onboard consumer input and make major adjustments when needed.
Strive for Openness
Although many entrepreneurs may not like being the focus, it may also be detrimental to hide discreetly behind the veil of a company name. Think about it. Would you feel more comfortable buying from a company with names and faces that are easily researched, or a company that is opaque?
The “about” page on your website is a perfect opportunity to instil confidence in your business as it conveys that you are people with names and faces. If a potential client cannot find anything about an enterprise’s owners or workers, he will likely wonder what is being hidden from him.
When you think about shopping, you may well ask yourself, “Who are the people behind this company? Customer after-service is something customers think about; are the people friendly and helpful and will they help resolve any issues?
“This is something that, as a small start-up, you can use to your benefit. You can give clients something that large, faceless corporations can’t offer,” explains Jamie Johnson, CEO of FJP Investment. “The personal touch, direct contact with the founder and a caring staff, are invaluable. Indeed, especially in an increasingly digitalised world, many more people seek a company with a human face that they can relate to and feel connected with. “