Join Whitney Johnson for an in-depth discussion in this video Finding your first customer, part of Entrepreneurship Foundations (2014).
- You've got a business idea.…You're confident that there will be customers,…but you don't know.…It's time to find out.…To do this as quickly and inexpensively as possible,…I recommend the Minimum Viable Product…or MVP Approach popularized by Eric Reese,…author of The Lean Start-up.…The MVP is the version of the product that allows…you to collect the maximum amount…of learning about customers with the least cost.…It's an iterative process of idea generation,…prototyping, presentation, data collection,…analysis and learning.…
A good example of this iterative process is Groupon.…Groupon was initially intended to be activism platform…bringing people together to fund raise for a cause.…The founders prototyped and tested this idea,…collected and analyzed data.…Results were disappointing so they circled…back to idea generation.…The next idea was group coupons.…The prototype was a WordPress blog…skinned to say Groupon with a new post every day.…
They sold T-shirts in one color and size.…In the write-up they'd say,…if you want a different color e-mail us.…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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