Here’s what we will cover today:

• Learn how a Minimum Viable Product (MVP) can save you time, money, and effort

• Test your knowledge with a trivia question about the Mayflower

• Explore resources on raising capital and brand tracking 

Quote of the Day

“Success depends on employees. For me knowing and connecting with my employees is very important.”
~Divine Ndhlukula 

Today’s Tip

Too many entrepreneurs conceive products and services with too many “bells and whistles.” The problem is that creating these products and services becomes too expansive because they are too complex. As a result, the entrepreneurs have too many opportunities to fail….They can fail to raise the increased capital that is needed to develop the bells and whistles. They can fail by taking too long to get to market. And they can fail because when they finally get to market, customers may not want what they have.

A better solution is to start by creating the minimum viable product (MVP). The MVP is the version of your product or service that allows you to gather the maximum amount of customer intelligence with the smallest amount of effort.

For example, the minimum viable product could simply be a survey given to prospective customers. Or it could be sketches of a new product that you show to customers. Or it could be just a very basic version of the product you’d eventually like to create.

By focusing on the MVP, you need less capital (or no capital), and more quickly get to market to get customer feedback. This feedback will give you the best information on what additional features customers desire in order to buy your product or service. And it better positions you to raise outside capital as needed (since you’ve lessened or eliminated the key risk factor that customers truly desire what you are creating).

So, what can you do to simplify your proposed products and services and/or create and get your MVP to market?

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives, and business owners have come to me for help with their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Trivia

Today’s Question: What was the Mayflower's cargo before it was chartered to carry the pilgrims to America in 1620?

Previous Question: Legend says that George Washington threw what object over the Potomac River? 

Previous Answer: A silver dollar.

The origin of this story perhaps comes from the memoirs of his step-grandson Parke Custis who wrote that Washington once threw a piece of slate "about the size and shape of a dollar” across the Rappahanock River.

The Potomac is over a mile wide at Mount Vernon, so this is most likely a legend, but a cherished one for Americans.

News

Raising a seed round 101

Brand Tracking 101: The Art of Digital Eavesdropping

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