Startup Funding Espresso More MVP Mistakes
MVP Mistakes Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In starting a business there comes the time to build the minimum viable product. The most common mistake is planning a grand vision for the initial product. The MVP will be much smaller than the vision. MVPs often gather customer feedback on the usefulness of the product but not the actual careabouts of the customer.\xa0 This often generates superficial feedback. There needs to be more in depth research with the customer to spec out a final product. Many try to take the MVP and with some additional work turn it into the first product. This is typically a mistake because the findings from the MVP change not only the product but also how to position and monetize it.\xa0 This requires an entire re-do of the product itself. The MVP should validate your value proposition. Your value proposition often changes after talking with numerous customers. Finally, it\u2019s important to use the MVP to test the key assumptions behind the business. This includes the size of the market, how to execute it, and how much you can charge for it. Avoid these mistakes in your MVP process.\xa0 \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .