A lot of time and money can be saved by using the Lean Startup method to build an MVP to validate whether the product or service you’re building solves a big enough problem that people will pay money for.
Building something hoping it will sell is a fool’s errands. Don’t worry if you’ve done this. If it makes you feel any better, it’s a very common mistake of first time entrepreneurs. I’ve done it and so have most founders I know.
It’s a painful learning experience I’d like you to avoid, if you haven’t gone through it. If you have, I bet you’re much more mindful of figuring our if someone will pay for your product or service before you build it.
A more scientific approach based on data will keep you moving forward by telling you if you need to keep going or pivot.
Going through the process of testing assumptions and validating an idea easily and inexpensively will allow you to test and refine more ideas more quickly to get you earning a profit more quickly.
This is what we discuss in this episode of Startup Q&A.
0:00 – Will anyone buy your new product?
0:35 – Does it solve a need?
1:00 – Use the Lean Startup method and MVP to build a product.
1:40 – How to get ideas for products.
2:20 – What not to do.
3:15 – What makes you a company.
3:50 – Let prospects know what problem you’re solving and for whom.
What pain do you solve for people?