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Assignment 4: Minimum Viable Product: Use The Basic Business Pitch Format Discussed Last Week

This document discusses developing a minimum viable product (MVP) for a business or product concept. It explains that an MVP should include defining goals, creating a strategy with tasks and deadlines, and executing the strategy to test the business concept. Students are assigned to submit details of their MVP, including their business concept, target customer, features of an early prototype or MVP-1 by midterm, goals for the final MVP by the end of the semester, and a project plan outlining the tasks needed to develop the MVP. The main goal is to test customer demand for the idea through a smaller initial product before fully developing the business.

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MayankJha
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112 views

Assignment 4: Minimum Viable Product: Use The Basic Business Pitch Format Discussed Last Week

This document discusses developing a minimum viable product (MVP) for a business or product concept. It explains that an MVP should include defining goals, creating a strategy with tasks and deadlines, and executing the strategy to test the business concept. Students are assigned to submit details of their MVP, including their business concept, target customer, features of an early prototype or MVP-1 by midterm, goals for the final MVP by the end of the semester, and a project plan outlining the tasks needed to develop the MVP. The main goal is to test customer demand for the idea through a smaller initial product before fully developing the business.

Uploaded by

MayankJha
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 4: Minimum Viable Product

 
In this section we will explore what is your MVP and create a strategy to complete
the task at hand. Remember our goal in this class is to DO, not be theoretical about
the business. The faster you can develop your product or service, the faster you can
get to market and get feedback about your business concept and assumptions made.
 
For each, you must pilot your idea in some way. It can be a low-tech version of what
your final venture might look like, but it must be authentic (if your end goal is a car,
give me a bike or skateboard now -- don’t give me just one wheel).
 
The minimum viable product includes the following steps:

1. Define a goal for your MVP. What are the minimum features you want to
test in your product and service for the first phase?
2. Create a strategy. What steps and tasks do you have to complete to reach
the goal set? Who is responsible for doing what? What are the available
resources? What are the lacking resources?
3. Execute on the strategy. Follow all the steps, deadlines and tasks created in
your strategy to achieve your goals on time and within budget.

 
All these steps will lead to better understanding of your business concept and your
customer segment. After MVP-1 you should have enough information to make
informed decision regarding your business.
 
Assignment Submission
Team Name:

1. What is your business concept?

Use the basic business pitch format discussed last week

2. Who is your customer market?

How do you define your direct customer. Make sure to watch the video “Why Startups and
Products Fail”
3. What is your MVP for the midterm MVP-1 milestone?

List the features and goals for your very early prototype. For this milestone it is expected
to get customer feedback about your product or service. Minimum goals include:

 For an App, an app mockup (invision app or proto.io) with 20 user interactions
 For a product, a CAD model or 3D printed prototype or a handmade prototype
with at least 20 customer interactions
 For a service at least 5 service runs in addition to any associated technology

4. Define your MVP-final. Where is your business by the end of the


semester?

What do you hope to accomplish by the end of the semester? Outline 3 exact goals you
want your business to have/reach. Do not mention things like a business website or social
media account. You should list exact feature goals and sales if any. 

5. Exactly specify how will you test/know if your customers need your
solution/product/service? You need to have an exact strategy not theory. 

6. Provide a bullet list of the features/options for your MVP-final. 

What features will your product or service have (minimum of 5 required)? If you are a
service outline how your customer will order your service. If you are an app outline the
features that test the customer demand for your app. Make sure you follow the principles
discussed in “How to Validate Your MVP”.
 

7. Attach a picture of your project planning

Use any project management tool to outline the goals and responsibility of the project.
You can use Trello, Asana or Google Sheets. Remember every task should be assigned to a
person and with a deadline. Be thoughtful about these tasks since they will control the
success or failure of your business and your ability to deliver results on time.
 
Notes:

 Your project plan (you decide the format) should actually be filled out with
related tasks and estimated due dates.
 Do not submit an empty sheet with marked columns only.
 Do not submit fake data just for the purpose of the assignment.
 Do not submit a plan with high level tasks. I want to see everything that
you will do to accomplish the tasks and deliver a product
 Make sure you think about project flow and tasks.

 
MAIN GOAL: BEFORE WE SPEND WEEKS AND MONTHS DEVELOPING A FINAL
PRODUCT, LET’S DEVELOP A SMALLER VERSION OF OUR FINAL PRODUCT AND
CHECK IF THE CUSTOMERS WANT IT. IF THEY DO THEN WE CAN SPEND THE
RESOURCES TO EXPAND AND BUILD A BUSINESS AROUND IT.

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