How to Build An MVP | Startup School

Summary

The video advises startups to build a minimum viable product (MVP) quickly and launch it, rather than over-engineering a perfect product. An MVP allows founders to learn from real customers and iterate. The goal is not massive scale initially but to find early adopters with an urgent problem an imperfect solution can address. Specific tips include setting a short deadline, writing a minimal spec, cutting unnecessary features, and not becoming attached to the initial MVP. The key is learning rapidly by soliciting customer feedback through real-world usage rather than surveys or hypotheticals.

Takeaways

• 🚀 Launch your MVP quickly and iterate based on customer feedback rather than getting bogged down in excessive planning and research.
• 📝 Document your MVP's specifications clearly to streamline development and avoid constant deliberation over features.
• 🔥 Target early adopters who are more forgiving of initial imperfections and are eager for solutions to their pressing problems.
• 📈 Embrace the learning process inherent in the MVP approach, recognizing that your understanding of customer needs will evolve over time.
• 🤷‍♂️ Avoid the trap of waiting for perfection before launch; even successful products like the iPhone and Airbnb underwent significant iterations.
• 👨‍💻 Understand that early iterations will likely appeal to a small set of users but are crucial for gaining valuable insights.
• 📉 Cut unnecessary features from your MVP to focus on the core functionality that meets your target customers' most urgent needs.
• 🧩 Recognize the importance of not falling in love with your initial MVP, as it will change significantly through customer feedback and iteration.
• 📢 Engage directly with your initial customers, valuing their feedback over broad market assumptions to refine your product.
• 🙌 Aim for a product that a small number of users love rather than a large number who are indifferent, focusing on depth of impact over breadth.

Q & A

What is an MVP or minimum viable product?

An MVP is the simplest possible version of a product that can be released to customers to validate if it solves their problem. It allows startups to start the learning process quickly.

Why is launching an MVP important?

Launching an MVP allows startups to get customer feedback early, iterate quickly based on that feedback, and learn 10x more than just thinking about the product internally or doing surveys.

What are some common myths about MVPs?

Some common MVP myths are - you need to build a perfect or highly polished product from day 1, you will lose customers if your MVP doesn't work well, surveys can replace an MVP.

Did Steve Jobs get his products right in the first version?

No, even Steve Jobs went through multiple iterations of the iPod and iPhone before arriving at the products most people remember. Very few products get everything right in the first version.

Who are the ideal first customers for an MVP?

The ideal first customers have an urgent problem and are willing to use an imperfect solution just to make some progress. They are called early adopters.

Can customer surveys replace the need to build an MVP?

No. While surveys help understand the problem, customers usually can't clearly articulate how to solve the problem. The startup needs to build an MVP and get feedback.

How can you build an MVP quickly?

Tips for building an MVP quickly - Set a short timeline like 2 weeks, write the minimal feature spec upfront, cut non-critical features, and don't get too attached to the first MVP.

Should the MVP try appealing to a large number of users?

No, the first MVP should appeal to a small set of early adopters who have an urgent need. Broad appeal can come in later iterations.

Will the first MVP likely work well?

No, the first MVP will likely have many issues. The goal is not to build a perfect product on day 1, but to start learning from customers.

How many users need to love your product initially?

Just getting 10-100 users who absolutely love your product is far better initially than getting a thousand mildly interested users.