How a small Business can get an idea to market super-fast

Eureka! Sitting behind your desk you are suddenly struck by a brilliant idea that could redefine a market. Post the initial excitement you look at the nuts and bolts of it and ask yourself the big one, WILL IT BE VIABLE?

Well if the Market size is ‘X’ and we control 5% of it, were are quadrillionaires. But when faced with the nuts and bolts of it, achieving a seemingly easy 5% becomes a real daunting prospect.
Most of us have been down this path. What if the solution wasn’t better networking or more money? What if the solution is our business approach?

The approach is called Minimum Viable Product (MVP) and has become the darling of tech start-ups. It has been widely used to secure capital from investors to assist in growing enterprises. How does it work?

Understanding MVP

Understanding MVP

A minimum viable product (MVP) is the most watered down version of a product or service that can still be released. An MVP has three key characteristics:

  • The product has enough value that people are willing to use it or buy it initially
  • It demonstrates enough future benefit to retain early adopters
  • And it provides a feedback loop to guide future development
    In a nut-shell you ask people what they want, deliver the most stripped down version of it & ask them to put their money where their mouth is and pay up.

Going about the Execution:

  1. Explainer Video
    ‘if you can’t explain it to a six year old, you don’t understand it yourself.’ – Albert Einstein
    Keep the Duration of the video between 45 seconds and 90 seconds.

    1. The Best Examples are with Dropbox
      (They got 5,000 subscribers before they launched on the bases on their video)
    2. Slack -> https://www.youtube.com/watch?v=B6zVzWU95SwThe best video creation software we came across is animoto or you can convert a PPT into a video file.
      And don’t forget to Seed content on Reddit, Hacker News, Relevant FB groups & Twitter are excellent platform
  2. Build a landing Page:
    Even if you aren’t technically savvy, let customers know what you are all about. On Theme Forrest, you can create a jaw dropping page for less than Rs. 1000.($15).
  3. Wizard of Oz. MVP
    Lalit Kishore probably best exemplifies this approach. A “Wizard of Oz” MVP is when you put up a front that looks like a real working product, but you manually carry out product functions.
    Lalit Kishore and his daughter leveraged the E-commerce boom in India and now sell their own branded footwear online between (Rs. 499 to Rs.999). To keep their costs low they source from local SME’s.
    Initially they held almost no inventory, but kept the number of listings high. Today, the company sells close to 7000 pairs of footwear per day online.
    Link -> http://yourstory.com/2015/06/globalite-footwear-brand/

We hope this information proves useful and if you have any other ideas you’d like to add, leave them in the below comments section. And most importantly, cheers to a successful you.

Most importantly, Cheers! To a successful you

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