We now know that in the grand scheme of things relating to business, that we need a product and a customer before needing a business, The reason for this is that the sole purpose of the business is to connect the customer to the product and convince the customer that the value in the proposed transaction is desirable and attainable.
So in the pursuit of a product where do we begin?
We usually think of entrepreneurs as the ones who invent everything, but don't limit your view, remember that entrepreneurs find solutions and are driven by the desire to constantly evolve, grow and make things better.
The Birth of a Product Idea
Every great product begins with a simple idea. But where do these ideas come from? The origins of product ideation (the process of coming up with new product ideas) can be traced back to various sources:
Solving a Problem – Some of the best ideas come from identifying a common problem and finding a way to fix it. For example, sticky notes were created when a scientist at 3M was trying to develop a super-strong glue but ended up with a light adhesive instead.
Personal Experience – Entrepreneurs often create products based on their own needs or frustrations. When Sara Blakely invented Spanx, it was because she needed better undergarments to wear under white pants!
Market Gaps – Sometimes, a product idea is born from noticing something missing in the market. If people need something and no one is offering it, that’s an opportunity.
Technological Advancements – New technology can inspire new products. Think about how smartphones led to the development of apps like Uber and TikTok!
Customer Feedback & Trends – Businesses pay attention to customer suggestions and industry trends to create innovative products that people want.
The First Step: Validating the Idea
Before you start building a product, you need to make sure it’s actually something people want. Entrepreneurs validate their ideas through:
Surveys & Interviews – Asking potential customers if they would use the product.
Competitor Research – Checking if similar products exist and how they perform.
Market Research – Looking at industry trends and customer demand.
What is an MVP (Minimum Viable Product)?
Once a strong idea is validated, the next step is creating an MVP – the Minimum Viable Product. An MVP is a simplified version of a product that includes only its most essential features. Instead of spending months perfecting a product before launching, an MVP allows entrepreneurs to test the concept quickly and improve it based on real user feedback.
Key Considerations When Creating an MVP
Focus on Core Functionality – What is the most important thing your product should do? Start with that and leave extra features for later.
Keep It Simple – An MVP should be easy to develop, launch, and test. It’s not about perfection; it’s about proving that the idea works.
Identify Your Target Users – Who will use your product? Understanding your audience helps in designing the MVP for their needs.
Test & Collect Feedback – Launch the MVP to a small group, get their feedback, and make improvements before expanding.
Be Ready to Pivot – Sometimes, feedback shows that a product needs to change direction. Many successful businesses, like Instagram and Twitter, started as something else before shifting their focus.
Examples of Famous MVPs
Facebook – Originally, it was just a student directory for Harvard before evolving into the social media giant it is today.
Airbnb – The founders tested their idea by renting out an air mattress in their apartment before launching the full platform.
Dropbox – Before building their product, Dropbox created a simple video to explain their idea and gauge interest.
Your Turn: Start Thinking Like an Entrepreneur!
Now that you understand where product ideas come from and how an MVP works, start brainstorming! If you were to create a product, what problem would it solve? What features would you include in your MVP?
In our next class, we’ll dive deeper into prototyping and testing MVPs. Be ready to share your ideas!
Quiz Reminder
Don’t forget to complete this week’s quiz, which will test your knowledge on last week’s lesson about entrepreneurial mindset and risk-taking. See you in class!
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