Step 1: Start with an idea
What makes a great business idea?
To develop a business idea you first need to consider whether the product is perfect for the market or not. Fortune stated that the “top reasons startups fail are” They make the product no one wants”. This is why the Lean Startup method is the best for idea development as it offers detailed specifications to businesses for what needs to be built according to the needs of the customers. That will save time and effort to make MVP for its already existing customers. To quote Eric Ries words:
“By the time that product is ready to be distributed widely, it will already have established customers”.
Through minimal interactions, you can choose the best and shortest way to success.
Step 2: Create a business plan
“Going into business without a business plan is like going on a mountain trek without a map of a GPS- you will eventually get lost and starve!”- Kevin J. Donaldson, CEO at Real Wealth Solutions.
Step 3: Create an MVP
MVP is a partially functional product with a minimal set of features that has room for continuous improvement and development. The initial version that you’re offering can be analyzed and improvised for. This will lead to a collection of real-time feedback from your consumers.
” A MVP must be viable so that you can validate if a product idea can work or not, before it’s fully launched.” Ryan Yount, COO of LuckLuckGo, a software company for GPS protection
Step 4: financial structure
According to research conducted by Asper, 29% of the founders run out of cash in their second year of operations due to poor planning. So, it is important to believe in your great idea and that you can solve problems with technology. The reality is that an idea and the attitude is just not enough. Moreover, the first thing a company needs to do is “survival”. This involves always having money in the bank to pay its bills and deal with any uncertainty in the future. Companies don’t fail because they are unprofitable, they fail they run out of money.
Step 5: Take inspiration from more experienced entrepreneurs
” Inspiration can be activated, captured, and manipulated, and it has a major effect on important life outcome”-Harvard Business Review
methodology is best
for MVP development?