Aug 31, 2018

So, our business idea is coming along nicely and we have done some validation work in the marketplace and have found that the idea is worth taking further. Here we must ask the question on everyone minds; now that we have proven that the market initially like this idea and indeed have proven that this is a need in the marketplace that needs solving, shall we not go right ahead with a business plan and try to get funding to start? Once again we must hold ourselves back. 

At this point people might ask us, what are you guys doing? You have a great idea and you have found that it can solve a real need in the marketplace, why not start now? I know this is very counterintuitive but here is why we should not rush so fast into getting a business plan going and try to get funding; I agree the idea is a hit with people in the marketplace but is it really a product or service yet? No! At this point, it is merely a great idea. 

Our next step is the build some sort of product or service out of the idea, one that can be interacted with in a real way. This product or service that is made from the idea we shall call the Minimum Viable Product (MVP), According to Eric Ries author of The Lean Startup(2014), a MVP is the least amount of a product that can be built and be viable in the marketplace in solving the need in the specific market.  

By building this most cost effect and market viable product, we can now test our great idea in the form an of a real working product or service. Then and only then can we know for sure if it is wise to start a real business out of this idea. One thing to note, however, a product or service idea will never sell itself or even stand alone by itself, It needs a set of supporting resources, processes, personnel, and values in order for it to be functional in the marketplace. And for this, we will need a business model and a business built around our product. How to do this will be the subject of an upcoming article. 

© Orlando O Spencer I, Inc.

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