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Here are the assumptions that lie in the heart of MVP approach, that we in Fingers advocate.
Any decision, which is not based on data of actual user interaction, is also a hypothesis. We totally understand and share the entrepreneur’s passion towards his idea and are aware that it can be mistakenly perceived as a guarantee to success. The statistics of startup failures insists on the opposite: around 3% of startups score. Fingers team helps entrepreneurs to navigate in the world of insufficient information and find the right model.
Big Idea is a great starting point, that’s for sure. Still we need to remember there have been hundreds of startups with Uber-like ideas, and only couple are in the market today.
The earlier the entrepreneur starts to treat it this way, the earlier he gets to the expected outcomes. That means traditional phases of business model development, market research, strategic planning, partner’s relations, promotion, sales, analysis, business environment setup are not only applicable, but mandatory to succeed in a startup. The initial phase of MVP development is aimed to get through these phases and provide all the necessary deliverables.
Analytics integration and strategy setup let an entrepreneur see where he/she goes and make well-guided decisions. To keep it simple, you need fuel level control in your car to remember to refuel on time.
Building relations with users provides feedback and cash flow. Through feedback a product evolves in the way that delivers most value for users
Time, finance, entrepreneur’s passion toward his/her Big Idea are limited. At the beginning of every project this is not so obvious. Instead, it looks like there is a whole bunch of time ahead, personal motivation is unlimited as one believes in Big Idea with all his heart, money isn’t a problem as there is a plan for monetisation and funding that is perceived as reasonable and realistic. In fact, any project has deviations from what is planned in the beginning, and it is essential to keep as much resources available as possible to have a chance for a maneuver. Or two:). In startups, these maneuvers are called PIVOT. We help our clients focus on getting there faster, providing more motivation and resources as the project evolves.
Keeping in mind these assumptions we apply certain rules for treating projects under our management in Fingers.
Learn more in the second part of the article!
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