To build a Minimum Viable Product (MVP), it is important to launch quickly and iterate based on customer feedback. Avoid distractions like surveys, user interviews, contacting competitors, fundraising, and hiring many people. Put a product in front of users to learn about their needs and problems. The MVP may not work initially, but it initiates a conversation with users and helps find solutions. Founders should focus on releasing an MVP and gathering feedback from initial customers. Concerns about starting with a small, potentially flawed product are unfounded, as early adopters are open to trying new software and respond well to the promise of continuous improvement. Founders' biggest fear is the non-specific fear of giving people their product and them not liking it, leading to the death of their company. Successful products go through multiple iterations and improvements before reaching their final form. Examples of software MVPs include Airbnb, Twitch, and Stripe. Solving urgent customer needs and building an MVP quickly are key. The outro emphasizes the importance of building and launching a product quickly, iterating based on customer feedback, and focusing on a small group of customers who truly love the product.
How to Build an Minimum Viable Product (MVP)?
To build an MVP:
- Launch quickly and iterate based on customer feedback
- Avoid distractions like surveys, user interviews, contacting competitors, fundraising, and hiring many people
- Put a product in front of users to learn about their needs and problems
- The MVP may not work initially, but it initiates a conversation with users and helps find solutions.
Pre-launch Startup Goals
The most profound aspect of pre-launch startup goals is the importance of quickly releasing a minimum viable product (MVP) and gathering feedback from initial customers.
Key points:
- Early stage founders should focus on releasing an MVP and gathering feedback from initial customers.
- Iterating and improving the product based on customer needs generates excitement and increases the likelihood of adoption and payment.
- Concerns about starting with a small, potentially flawed product are unfounded, as early adopters are open to trying new software and respond well to the promise of continuous improvement.
- It is crucial to prioritize user feedback and iterate quickly to improve the product.
- Building a strong team and establishing a clear vision for the startup are also significant factors.
Founders Biggest Fear
Founders' biggest fear is the non-specific fear of giving people their product and them not liking it, leading to the death of their company. However, this fear is often unfounded as the worst-case scenario is not as dire as it seems. It is important to lean into the fear and question its validity rather than letting it hinder progress. Additionally, there is a misconception that great product people like Steve Jobs can imagine and release perfect products from the start. In reality, successful products go through multiple iterations and improvements before reaching their final form.
Key points:
- Founders fear that people will not like their product, leading to the failure of their company.
- This fear is often unfounded and the worst-case scenario is not as dire as it seems.
- It is important to question the validity of this fear and not let it hinder progress.
- Successful products, even those from great innovators like Steve Jobs, go through multiple iterations and improvements before reaching their final form.
- Founders should focus on continuous improvement rather than thinking they know exactly what the customer needs.
Examples - Software MVP
- Building Minimum Viable Products (MVPs) for software startups is the focus of the topic
- Examples demonstrate three key points: quick development, limited functionality, and targeting a small user base
- Founders prioritize creating a product that people love over addressing all customer needs from the start
Airbnb
Airbnb's initial version had limitations including separate payment arrangements, no map view, and limited accommodation options. It was initially focused on serving conferences.
- Users couldn't make payments directly on the platform
- No map view to locate available places
- Limited to staying on an air bed
- Couldn't rent out entire house or room
- Focused on serving conferences
Twitch
- Twitch was originally called Justin TV and started with one streamer named Justin wearing a camera on his head.
- The first version of Twitch had no video games and streaming was expensive due to CDN costs.
- Twitch has since evolved and become a popular platform for streaming video games.
Stripe
- Stripe, initially called Slash Depth Payments, started with a basic API and worked with a small bank.
- Early-stage YC startups found value in using Stripe to accept credit card payments, despite its limited features.
- The lesson for founders is to target customers who have an urgent need for a solution, even if the initial product is not perfect.
Solving Hair On Fire Problem
Solving Hair On Fire Problem:
- Urgent and pressing issues that require immediate attention
- Importance of addressing the needs of desperate customers in significant pain
- Building a minimum viable product (MVP) to understand and solve customer's pain
- Surveys and user feedback alone are not sufficient to determine the solution
- No shortcut to the process, even larger companies started with imperfect versions of their products
Building a Minimum Viable Product (MVP):
- Startups should focus on learning and gathering insights from the market
- Aim for learning rather than perfection
- Building and launching an MVP is the fastest way to learn and increase chances of creating a product people love.
Build an MVP Quickly
To build an MVP quickly, follow these tricks:
- Set a specific deadline for focus and efficiency
- Write down specifications and features to avoid debates
- Cut back on unnecessary features
- Don't become attached to the MVP, focus on customer experience.
Outro
The outro of the video emphasizes the importance of building and launching a product quickly, iterating based on customer feedback, and focusing on a small group of customers who truly love the product. It advises doing things that don't scale initially and recruiting customers one at a time. By caring about and working closely with these initial customers, it is possible to solve their problems and build a great product for them.
- Importance of building and launching a product quickly
- Iterating based on customer feedback
- Focusing on a small group of customers who truly love the product
- Doing things that don't scale initially
- Recruiting customers one at a time
- Caring about and working closely with initial customers to solve their problems and build a great product