Ever had that feeling of not knowing where to start? For writers, it’s called writer’s block. Painters call it blank-canvas syndrome.
Entrepreneurs refer to this phenomenon as analysis paralysis, an affliction all founders experience at one point or another. It’s like having a stroke of genius for the next big idea, but not knowing where to start.
Whether yours is a big marketing idea with the potential to double your holiday sales, the way Zappos did with its recent price-matching experiment, or the next billion dollar business, your idea — and everyone else’s — are only as good as the execution behind them.
As a serial entrepreneur myself, I have more than 10 years’ experience under my belt; and I’ve developed a framework to test all of those crazy MVP (minimum viable product) ideas out there. My framework is not only tangible, but simple to execute. And — modesty aside — it’s the biggest predictor of online success I’ve ever seen, one that will help you push beyond that “what now?” moment, so you can test and evaluate your product against the real market.
This is important because, too often, entrepreneurs forego the validation stage and go straight into pouring loads of money into their ideas. In an MVP’s case, that can be a costly mistake.
The need for speed
Speed is everything when testing an MVP. Many founders resist launching until a product is “perfect,” but I’ve got news for you — it will never be perfect, and holding out for that status could cost your product going forward.
Fifty percent of businesses fail in their first year due to misunderstanding their market, while 95 percent close up within five for the same reason. But strong, early MVP assessments allow you to determine whether you’re onto something (or not) in a low-risk environment.
When it comes to launching an MVP, progress is better than perfection. The only goal is to put together a scaled-down version of your product or service and see whether people are willing to buy in.
All that’s required is a little startup capital and some imagination. Here’s how to go about it:
1. Create a fake brand.
Zappos started out as Shoesite.com. A short time later, CEO Tony Hsieh proposed the company go with its current, more memorable moniker to leave itself open to future expansion.
So, consider your own brand name. In the testing phase, give your MVP a fake name that’s descriptive enough to resonate with customers. Don’t get too hung up on it, though. All you’re trying to do is discern whether you can generate interest.
Once you select a brand name, buy the matching or surrounding domain for cheap and attach…