Ask any runner for advice on how to prepare for a marathon and they’ll tell you – start with more miles.
Ask any startup founder for advice on how to build a startup and they’ll tell you – start with a Minimum Viable Product (Wikipedia Definition: MVP is a product with just enough features to satisfy early customers, and to provide feedback for future product development).
The key word in both cases is “start with”.
Dig deeper and you’ll understand “more miles and “minimum viable product” are nowhere near enough to get a great result in either case.
Running more miles may help you finish a marathon, but won’t make you fast. You need a well-rounded training regime: HIIT, lactate threshold runs, hill sessions, strength and cross training to get consistently fast.
Just building a Minimum Viable Product may help you build a product, but won’t make your idea profitable or scalable (surprisingly enough it may make your startup investable, but let’s be honest for once – we don’t go into business to get investment).
The first step to building a great investable business is a to build a well-rounded Minimum Viable Business:
a) a team of people without external investment that can build
b) a product with POSITIVE unit economics and clearly defined traction channels
c) for a specific target audience that is prepared to pay YOU their hard-earned cash for YOUR product.
Inspired by #darkside.vc