Validate your business idea with MVP-Minimum Viable Product
- 2 hours on-demand video
- 1 article
- 5 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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Try Udemy for Business- Undrestand the concept of MVP and how to use it in pracice
- Pick the rigth MVP to test the most riskiest part of your business model
- Estimate the costs of MVP and time needed to create it
- Basic business knowledge
Course summary
It is not that difficult to have a business idea even one that seems like a breakthrough and instant success. The reality bites and most of startups fail fast and at the same time cost their founders a small fortune. That's why the recent development of so called lean startups revolves around learning fast and at small cost to build a product customer need and are willing to pay. Crucial part of this path is a creating a prototype of your product that enables you to test the reaction of your potential customer. This is the MVP – Minimum Viable Product.
MVP has to be Viable which means that it delivers some noticeable value to the customer, solves his pain. Minimum means that it cannot be overcomplicated, it has to have the minimal amount of features for you to be able to draw the right conclusion on what works and what does not work.
Most courses stop at the landing page as the Holy Grail of lean startup and testing, the ultimate MVP, but the life is much more complicated and landing page in many cases simply is not enough? How do you test community and whether people will share and comment? How do you want to test physical products that have to be tasted and smelled?
On top of that not all MVPs are born equal. Some test one part of your business model whereas others are perfect for testing different question marks that pop-up constantly in your mind.
In this course we will show you through examples what should be the MVP for your business model, how to pick the right one for your needs and what are the added benefits of MVP. We will also give estimation of the costs and time needed for creation of MVP.
If you have not found an ideal suggestion for MVP for your business please post in the Group Discussion your business model description and we will prepare suggestion for you on the MVP you should use.
Why we decided to create this course?
We work with startups on daily basis within our accelerator (StartupAkademia) and we have noticed that despite the tones of very good books on lean methods (i.e. Lean Analytics, Running Lean etc.) startups have problems with applying this knowledge in practice. The interesting thing was that those problems were pretty universal regardless of the industry, business model or even whether they were ran independently or supported by big corporations.
What will this course give you?
The course is a practical overview of possible MVP for the following types of businesses: B2C services especially restaurants, on-line shop, off-line shop, webpage earning from display ads, SaaS, books. Our intention is that thanks to the course you will know:
- What are the different types of MVPs you can use?
- What are the pros and cons of a specific MVP?
- How much does it cost and how long does it take to create a specific MVP?
- When you should use one type of MVP and when entirely different one?
How the course is organized?
The course is divided currently in 3 section:
- Introduction. We explain what MVP is and why it makes sense to use it
- MVP examples. Here we go in-depth over MVPs for different businesses: restaurants, on-line shop, off-line shop, webpage earning from display ads, SaaS, books and show you how and when they should be used. If you have not found an ideal suggestion for MVP for your business please post in the Group Discussion your business model description and we will prepare suggestion for you on the MVP you should use.
- Resources. In this section we put any additional resource for them to be visible
You will be able also to download many additional resources
- Links to free presentations and movies showing examples
- Links to books worth reading
- Presentation
- Startup founders
- Startup employees
- Small and medium business owners
- Project managers
We start with showing you how you can test the restaurant concept. We provide you 6 different MVPs, show you how much it would cost to build and how much time it would take you. We show you also what hypotheses / features you can test with them and when to choose which MVP
We give you some tips how to prepare to write a good book and earn money at the same time
In this section you will get insight t into the business model of different e-commerce companies. E-commerce businesses group is very diversified so we will try to show the similarities and the differences between concepts.. You will learn here the definition of this business model, see some examples of companies using this business models. You will also understand what really matters in this sort of business, what KPIs you should look at and what values you can expect. Afterwards, I will show you how you can build the model in Excel and what conclusions can you draw from it.
We can be talking about 3 different models in B2C services
Services performed at specialized place no production involved
Services performed at specialized place with some production
Services performed at customer place
I will discuss the differences between them in this lecture
Excel gives you great opportunities to calculate whether your idea makes sense or not. For this you will use the knowledge you have gathered in the previous lectures on your concept, location and your customers. Excel is obviously less emotion than you and the model you will create here can be used as a cornerstone of your business plans. It shows also to banks and potential investors what is your cash flow. We start with a simple model so you can understand it and learn how to use it.
In this lecture we make more advanced model. We introduce the traffic parameter and show how it is converted first into people that are engaged (stop and enter your restaurant) and later into customers (they buy something from you). Here we will be operating on 2 customer groups: first one eats at the restaurant; second one comes for take-aways. For both customer groups we calculate separate conversion rates and Average ticket (ATV). We still here show you a business model for a 1 restaurant