Welcome back to setting up your online business in 2021 series. Now in this video I’m going to share with you fast product creation ideas for entrepreneurs using the MVP technique.
So if you are an entrepreneur or small business that would like to create new products to be able to sell online then watch this video till the end.
Watch “Fast Product Creation Ideas for Entrepreneurs (2021)” full video below.
I welcome you back to setting up our online business series if you’re not watched this series you can click on the link right below so that you can follow the whole step-by-step on how to set up your online business in 2021.
So today video is focusing on fast product creation ideas for entrepreneurs, now in my previous video I’ll talk about how to find your niche market so once you find your niche market and decide which one you want to target the next thing is to understand what kind of problems that this group of people or this tribe of yours or this target niche that you want to focus what kind of problems do they have so where do we find all these problems very simple just go to the Facebook groups and find is your target group is in there.
Let’s say for example if my target is to focus on serving the group of people who lives running jogging or running then I will go to Facebook groups and search for a running or jogging groups and then I can join the groups and then in there I can see the conversation people talk about what they like what they don’t like what is the problems.
So what I want is to listen to their problems and see what kind of problems they face now same thing you can go to a forum and you can also go to Quora.com where people will ask questions and then others who are experts may answer the questions so you can go there and do your research and see what kind of question people ask.
As well as what kind of answer that they get it will give you ideas what kind of the problems that they’re facing now from the problems then this is the trigger or beginning of how you want to find your products because to me every product is a solution to a problem whether it’s a car or a phone it is a solution to solve certain problems.
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Now how do you want to create your products so usually I will follow the MVP technique MVP is minimum viable product technique now this is taught inside the so-called lean startup book if not read this book you can go amazon and find it it’s by Eric Ries lean startup and one of the key thing is important is that you do not want to create a complicated product.
So in MVP first thing is that your product should be able to solve at least like one or a few right maybe two or three of the problems but the focus is more towards solving one of the problems of your target niche so one you know you can create one or you can go sourcing in website like Alibaba and many other websites right. It depends on the product or services that you want to create and your focus is this product has only one major benefit which is to solve your customers’ wants problems.
Lean Startup Methodology
Now if you follow lean startup methodology it has this build measure learn loop right build after that measure and then learn how to improve okay continue the loop so what you want is to focus on building that product or sourcing finding that product and then get it to the market fast so that you can start measuring means like gather feedbacks.
So now this is the phase that you want to understand the market rather than mass produce it and mass market to the market so once you get the feedback then you want to learn, analyze and understand what is the feedback and then continue to build a new one to improve on your products before you mass market it.
So this is the loop of build measure learn in a MVP techniques so your first product doesn’t have to be a complicated product it has a one features to solve one problem it’s that simple so you don’t have to create a complicated product in the beginning now once you do that then you want to start take it to the market and get feedback.
Now I know MVP would sound like hmm what is that? but let me tell you there’s a lot of company like google and for example airbnb they started using MVP products now do you know how MVP started the founders doesn’t have enough money to pay rent this is kind of crazy ideas like renting out one of the mattress and then turn their apartment into a bigger breakfast.
So that they can collect some money to subsidize their rents so from that idea they were just like playing with it and then come up with a website see anyone just like them would like to write out just a couch or a mattress and lease on their website and from that on they try this market get feedback keep improving and today airbnb is a billion dollar company.
You see you don’t have to start out huge but you can start with just one and then slowly grow so it doesn’t mean that one product company cannot grow large.
So I hope today’s video will give you some ideas on how to create your products, be simple focus and build one MVP and then cast out the market so if you like our contents do give us a thumbs up.