Creating and Testing Your “MVP”

This is the 6th in a series on starting a BAM company.

Welcome back to our ongoing series on launching a Business as Mission (BAM) company. This is the sixth installment, and today, we’re diving into the nitty-gritty of creating and testing your MVP. No, we’re not talking about the Most Valuable Player (though your BAM startup could certainly earn you that title). We’re talking about the Minimal (or Minimum) Viable Product. Let’s get those entrepreneurial engines revving and dive in!

What is an MVP?

First things first, what exactly is a Minimal Viable Product? An MVP is the most basic version of your product or service that still provides value to customers. It’s like the beta version of a video game – playable, enjoyable, but still in need of tweaks, changes, and potentially significant improvements. The goal of an MVP is to test your assumptions, validate your business idea, and learn what your customers really want without spending a fortune or years in development and market research.

Why an MVP?

You might be thinking, “Why not just go all in and launch the full product?” Great question! Here’s why starting with an MVP is crucial:

·      Cost Efficiency: Developing a full-fledged product can be costly. An MVP allows you to start small, test the waters, and save resources.

·      Risk Reduction: By launching a simpler version first, you reduce the risk of investing a lot in something that might not work.

·      Customer Feedback: Your customers’ feedback is gold. An MVP lets you gather this feedback early on and pivot as necessary.

·      Speed to Market: Getting your MVP out quickly allows you to start building your customer base and brand presence sooner.

Steps to Create Your MVP

Now that we’ve established the why, let’s get into the how. Here’s a step-by-step guide to creating your MVP for your BAM startup.

1. Define the Problem

Every great BAM starts with a problem that needs solving. Ask yourself, “What issue am I addressing with my product or service?” Make sure this problem aligns with your mission and values. For instance, if your BAM aims to provide clean water in developing countries, the problem could be the lack of affordable and accessible clean water solutions.

2. Identify Your Target Audience

Who will benefit from your product? Understanding your target audience is crucial. This isn’t just about demographics; get into the nitty-gritty of their needs, preferences, and pain points. Create detailed customer personas (like characters in a play) to guide your development process.

3. Outline Your Core Features

With the problem and audience clear, outline the core features of your MVP. Remember, this isn’t your dream product – it’s the essentials that solve the problem. Focus on delivering maximum value with minimal features. Think of it as making a sandwich: you need the bread and the filling, but you can skip the fancy garnishes for now.

4. Build a Prototype

Next, it’s time to build a prototype. This doesn’t have to be fancy; it just needs to work. Use tools like wireframes, mockups, or even paper sketches to visualize your MVP. If you’re developing software, tools like Figma or Sketch can be invaluable. For physical products, a basic handcrafted model or 3D print could suffice.

5. Develop Your MVP

Now, let’s get building! Whether it’s software, a physical product, or a service, keep your focus on the core features. Use agile development methods to iterate quickly and efficiently. Remember, the goal is to get something functional out the door, not to achieve perfection.

6. Launch and Test

Once your MVP is ready, it’s launch time! This is where the rubber meets the road. Deploy your MVP to a select group of users or a small market segment. This could be through a soft launch, a beta test, or even a crowdfunding campaign. The key here is to start small and gather feedback.

Testing Your MVP

Launching your MVP is just the beginning. Now comes the crucial phase of testing and learning. Here’s how to make the most of this phase.

1. Gather Feedback

Collect feedback from your users obsessively. Use surveys, interviews, and analytics to understand how they’re interacting with your product. What do they love? What frustrates them? What features are they clamoring for?

2. Analyze Data

Don’t just collect feedback – analyze it. Look for patterns and insights. Are users consistently struggling with a particular feature? Is there a functionality they’re not using at all? Tools like Google Analytics, Hotjar, and user feedback forms can provide valuable data.

3. Iterate and Improve

Armed with feedback and data, it’s time to iterate. Make improvements based on real user input. This might mean tweaking existing features, adding new ones, or even removing elements that aren’t working. The key is to keep your development agile and responsive.

4. Validate Your Assumptions

Every MVP is built on a set of assumptions. Use your testing phase to validate (or invalidate) these assumptions. If users love your product and it solves their problem, you’re on the right track. If not, it’s time to pivot and adjust your strategy.

Real-Life BAM MVP Success Stories

To give you a dose of inspiration, let’s look at a couple of real-life BAM MVP success stories.

Clean Water for All

A BAM startup aimed at providing affordable water filtration systems in rural Africa started with an MVP that was a simple, low-cost water filter. They launched in a small village, gathered feedback, and discovered that ease of use and durability were the most critical factors for their customers. They iterated on their design, added a more robust casing, and simplified the cleaning process. Today, they’re providing clean water solutions to thousands of communities.

Ethical Fashion

Another BAM startup focused on ethical fashion began with a single product – a versatile, sustainably-made t-shirt. They launched a small batch on Kickstarter, received feedback, and discovered a high demand for similar sustainable apparel. They expanded their line based on customer input and are now a leading name in the ethical fashion industry.

Conclusion

Creating and testing an MVP in a BAM startup is a thrilling journey. It’s a process of discovery, learning, and continuous improvement. Remember, the goal is to solve a real problem, deliver value to your customers, and stay true to your mission. By starting small, gathering feedback, and iterating based on real-world data, you’re setting yourself up for success

So, roll up those sleeves, put on your creative hat, and get ready to bring your BAM vision to life. The world needs your innovative solutions and your passion for making a Kingdom difference. Go forth and build that MVP!

For more information on Business as Mission, we recommend the online course, “Business as Mission Strategies” at this link— https://thirdpathinitiative.com/all-courses . It is available in 6 languages: English, Spanish, Azeri, Russian, Ukrainian, Romanian. Other resources include https://businessasmission.com and Business as Mission by Michael R. Baer available at https://www.ywampublishing.com/p-961-business-as-missionbrthe-power-of-business-in-the-kingdom-of-god.aspx And, Lean Startup by Eric Reís.