I like the concept of minimum viable product that enable entrepreneurs to bring the product on the market and continuously improve and develop according to customer’s desires. As you can see we talk about products developed for customers, not the entrepreneurial desires or the initial business idea.
Each business idea is the dream of an entrepreneur. Ideas are based on hypotheses that are not yet tested or proved that will work. In the past one of the basic tools for entrepreneurs to try testing the hypothesis was making a business plan where they put the results of market research and based on them, they make an assessment about the demand. But, today it is a time-consuming job that again will not give us 100% accuracy that everything that we put in the business plan will be the same in the implementation process.
On the other side, we need data about the acceptability and feature needs as soon as possible if we want to have the products that will satisfy the market. Can we start building something from nothing and put on the marketplace with the minimum required features to find approved informations for our future directions in the development cycle?
One of the examples of such a product that continuously has development to meet the customers need is Google’s search engine. What will be if they didn’t put the products on the market for users? They will not have the data to improve their algorithm. Theoretically, everything can be OK, but practically users are the persons that will use something that we build and assess that something.
Here is an example about the Google and their continuously improvement of their products. That’s something that makes them special, the best and with satisfied customers.
Look at the video below and think about something that you can learn and implement in your own business.
What you think about the process of so many little improvements to build really worth product for customers?