Start of another weekend. This week we touched upon an interesting premise which was the journey to creating our commercially viable product. This is similar to the MVP model covered in Lean Startup however the difference is the CVP is set out to allow you to generate revenue ASAP.
Nana Perry explained the importance of being objective and ignoring our bias when decision making. A methodology he mentioned was to assume you are incorrect and the idea and the solution to you have to solve a problem are just a hypothesis at this stage and you collect data from your target market (there was a reference to the MOM TEST shout out to Jenny to teaching us about that 🙏🏿) to prove your hypothesis true or null. Then you embark on the process of creating. In my previous ventures I’ve gone full stream because I saw demand in the market for a variation of my solution but not the spin I had on it, whether it was fitness clothing for students by students or matcha tea I had a modicum if successful but if I had validated business I would’ve saved a hell of a lot of money and a lot of sleep that was spent talking to manufacturers on other continents.
We ran our idea and the MVP we are working on and he had some great questions, the blessing of FoundersDoor is you spend so much time thinking about your idea there are many few ideas that you haven’t given thought too. If anything there are too many ideas and it’s a matter of showing discipline and jotting down some and aiming to do less but do it well. There’s a beauty in doing one thing but being the best.
“I fear not the man who has practised 10000 kicks once but I fear the man who has practised one kick 10000 times” Bruce Lee
Another important take away from Nana Perry was the makeup of his staff. From the onset he set out to have a diverse company because he understood the power of it, as a result, he works closely with members of the team from all genders, races and creed.
We had the chance to catch up with our mentor Dama today, she’s great I felt bad about her travelling from home to us on a Saturday so next week we’re gonna go a hangout. We touched upon so much, she pokes holes in our ideas but provides solutions which at this stage is what we need. So of the great ideas she had was to plant the seeds of nurturing the relationship with the following:
This week was different, normally we have 2 sessions but this week just the one. Won’t lie I was guttered, I love taking content in and reflecting upon it on Sundays and midweek but it did allow for us to flesh out our ideas even more so with mentors. I won’t share much in regards to pivots because actions speak louder than words but the next 3 weeks should be interesting
Talk to you soon ✌🏿