We all thought Minimum Viable Products (MVPs) are a great way to get started, right?!

Apparently, not everyone agrees!!

๐ŸŸข MVPs are the best to prove potential ROI
๐Ÿ”ด MVPs lower the quality curve of the ecosystem

๐Ÿงต So, here is what should you do with your MVP:
1st line of thought:

๐ŸŸข MVPs are great because they help entrepreneurs launch without investing a lot of money and time before knowing if the product would ever sell.

They help understand the potential to make good on your investment (time, effort & money).
2nd line of thought:

๐Ÿ”ด MVPs lower the quality curve of the ecosystem because they deliberately offer substandard products.

You mostly find incomplete products in the name of MVPs. This brings more shitty solutions into the mix.
Both these lines of thought are true.

How should this affect you/your MVP?

โฎ• As long as you're testing your solution properly & you're providing substantial value, you're good!

Let's look at what your customers should be able to do with the MVP & what you should focus on. ๐Ÿ‘‡๐Ÿฝ
โญ Here's what your customers should be able to do with your MVP:

โžŠ Discover the MVP
โž‹ Try it out (trial/demo)
โžŒ Decide on value vs cost
โž Get started on experiencing the core value ASAP
โžŽ Get customer support & give feedback
โž Opt-in/out for the next phase or get a refund
A lot of entrepreneurs offer their MVPs for free.

A free pilot for a limited time might make sense but if you're not testing if a customer would PAY for the value your product creates then it's a mistake!

โฎ• Test pricing & at least 1 hypothesis per core function in your MVP.
So, you build an MVP that focuses on:

โžŠ Solving problem
โž‹ Engages emotionally
โžŒ Great user experience

Here's a visual representation of the value you need to provide through your MVP (Eisenhower Matrix). ๐Ÿ‘‡๐Ÿฝ
If the MVP is missing any of the above-mentioned elements (which is the case more often than not), then the MVP is considered to be poor/incomplete.

So, launch once you have a proper MVP.

Do not rush. I repeat, do not ever rush!

โฎ• Timing is important.
If you want to dive deeper into MVPs, here are some threads to read:

๐Ÿ’Ž 20 Lessons on Building a Minimum Viable Product by @dickiebush:

๐Ÿ’Ž A Minimum Viable Product Is Not a Product, It's a Process by @arjunmahadevan:

๐Ÿ’Ž MVPs are misused. 4 thoughts about better MVPs by @jensenharris:

You get the maximum amount of validated learning about customers through MVPs.

Follow me, @varunm30, for more threads on entrepreneurship, startup acceleration & corporate innovation.

If you enjoyed this, retweet this 1st tweet ๐Ÿ‘‡๐Ÿฝ

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More from @varunm30

6 Dec
90% of startups fail.

Due to various reasons,
โฎ• 10% fail in the 1st year!
โฎ• 70% fail between 2nd & 5th year!

SPEED is that ONE thing in your control to help you succeed in spite of these odds.

๐ŸงตHere's how:
The most imp job of a founder is knowing when to accelerate & by how much.

At early stages, while your product is being developed, & the business model is being fine-tuned, go slow & conserve cash.

Don't make unnecessary hires to sell an MVP or an unfinished product at scale.
Eventually, there will come a time when your business model has been proven.

Meaning, your customer acquisition cost(CAC) can be maintained at scale & you make at least 3xCAC from each customer.

At this point, relevant investors will be keen, raise money & accelerate hard!
Read 14 tweets
2 Dec
1. Idea ๐Ÿ’ก - uniqueness? any differentiators? can we create competitive moats around it?

I've organised StartupWeekends & such hackathons to help people validate their ideas & come up with a prototype or a biz plan.

โฎ• You can build a business with any decent idea.
2. Business Model โš™๏ธ - clear path to generate revenue?

I've run programs where startups had no definite biz model but could still sell.

โฎ• To succeed it's not necessary to have a biz model on day 1, you can build one as you go. You'll test & pivot/improve it anyway.
3. Team/Execution ๐Ÿ‘ฉโ€๐Ÿ’ป - Skilled enough to adapt? Effective & efficient enough to get work done?

It has to the be the most imp reason, right? Nope!

A good team is crucial. It's up there but not the no.1 reason.

โฎ• Like in sports, the best teams don't always win championships.
Read 7 tweets
2 Dec
I've helped ~2000 entrepreneurs in their journeys.

There's 1 rare factor that makes the difference between success and failure.

๐Ÿงต Here's what you should implement:
I'm passionate about helping startups scale.

Thankfully, I had great opportunities to work for organisations that ran programs for startups.

โ€ข EU India Innocenter @EUI_Innocenter,
โ€ข T-Hub Foundation @THubHyd,
โ€ข Techstars Startup Weekend @startupweekend.
Two specific terms to understand before jumping into "Why startups succeed?"

โฎ• What are 'startups': new entities in search of scalable biz models by testing various hypotheses (value prop, TG, distribution, pricing, etc).

โฎ• What is 'success': significant product-market fit.
Read 11 tweets

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