Week 3 - MBA 6601 - From Idea to Product

Ascend Your Start-up

No one is ever sure 100 percent of the time. There will be times that you want to abandon the product development altogether. There will be some days that you make no progress while other days the funds will dry up and you will wonder where your customers will come from. On the very worst days you will desire to work for someone else so all the business responsibilities fall on them.

Let go of perfection. It is not about being a perfectionist who is flawless. You need to listen to others and learn from their ideas and feedback. You are trying to create the perfect product. To create the perfect product your should focus your efforts on creating a minimally viable product (MVP). 

MVPs have a basic set of features. These basic features capture their intended audience and make the product a unique option for them. The goal of an MVP is to bring it to market as quickly as possible. There is a decreased amount of testing that has to be completed on an MVP and this decreases capital spent on product testing. Quick product release builds a customer base faster. By foregoing perfection in an MVP, you are avoiding an overload of features and failure. Foregoing perfection will actually increase your chances of success. 

Decide how you will design your MVP to be marketable. Attach your product to the problem it is solving and present it to others that way. The brand, customers, team, and resources must all align in order to bring your idea to reality as an MVP. You get to forego features and focus on the purpose of your product. This is an exciting step in the process. You are turning your idea into a real product and that is exciting.


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