The Entrepreneur’s Tool Kit: Building a Rapid Prototype
“The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” — Eric Ries
In this week’s installment of the “The Entrepreneur’s Tool Kit,” we move to the sixth step, building a rapid prototype.
This is where the pace begins to quicken and things start to get interesting — the moment when you take that first big leap of faith to test your idea in the marketplace. It’s where you get that crucial information on your product or service from the most important source: the customer.
The effort you’ve put in so far to validate your idea, retain experts, build a blueprint, pick your core team, and engage talent from universities will now be directed into building a rapid prototype or minimum viable product.
Time is of the essence here. Building a simple, baseline version of your product or service is essential to creating momentum for your startup and verifying that you’re working in the right direction. Creating this “minimum viable product” (MVP) means you can get it out in front of potential customers quickly, then use their feedback to refine your offering sooner and more effectively.
First-time entrepreneurs may worry about releasing a product or service with bugs or flaws and possibly tarnishing their company’s image. This is a rational concern but as noted in the book The Lean Startup by Eric Ries, it’s not necessarily true.
In fact, customers often don’t know what they actually want until you provide them with something initially. This is where the MVP truly shines. Early adopters will often appreciate having something to work with and provide valuable insight into what they want further in the product. This takes the initial guesswork out of what the customer wants and allows them to tell you what they want to see.
Receiving this information early on can save valuable time and money in building your prototype. And you can return to testing your upgraded version again and again until you find the right features your customers care for.
You may find that this process ultimately results in a product or service that’s very different from your original idea, but one you know customers want. In building a rapid prototype, you will maximize your resources and give yourself a competitive edge in the marketplace.
Previously on “The Entrepreneur’s Tool Kit”: Engaging talent from universities.
Next week: Engaging advisors to refine your plan.
