The document discusses the importance of the build-measure-learn loop in lean startups. It allows founders to develop a minimum viable product (MVP) to test hypotheses and gain customer feedback. Common types of MVPs include landing pages, concierge MVPs where services are manually provided, and wizard of oz MVPs that give the illusion of automation. The MVP process is different from traditional prototyping in that it provides an actual functional product for customer engagement and feedback, rather than just a conceptual model. Developing an MVP aligns with lean startup principles by helping validate ideas and learn quickly from real customers.

1. JOHN ADEKUNLE
SUBMITTED 03/11/2018
• “A START UP IS A HUMAN INSTITUTION DESIGNED TO CTEATE A
NEW PRODUCT OR SERVICES UNDER CONDITIONS OF EXTREME
UNCERTAINTY” Eric Ries

2. EXPLAIN THE IMPORATNT OF THE
BUILD/MEASURED/LEARN LOOP IN THE LEAN STARTUP
• Build/measure/lean is a very
important part of lean startup, it
allows you to find a problem and
try to solve it by developing a
Minimum Viable product (MVP) to
be begin the process of learning.
• When you introduce a product to
the market, the lean cycle give you
the tools to be successful as a
business person, this help you
understand and make quick
change and decision to your
product. Develop a hypothesis,
measure results, learn from the
results.

3. WHAT ARE SOME COMMON TYPES AND EXAMPLE’S
OF MVP’S
• A Minimum viable products is that version of a new product
which allows a term to collect the minimum amount of validated
learning about customers with least effort. Eric ries
• Also defined as a minimum viable product is the smallest thing
you can build that delivers customers value( and as a bonus
captured some of that value back.
• Landing Page – Most common and used MVP this simple
websites, with a short description of your product and a” buy”
button can be a very reliable test of people’s interest . For a quick
result.
• Concierge MVP - concierge minimum viable product is often
confused with Wizard of Oz. Manuel Rosso, the founder of food
on the table, wanted to provide people with customized food
recipes. The difference here is that the whole process is carried
out manually, without any technology involved. This is used when
testing out highly customizable services.
• Wizard of Oz MVP – This form of MVP, usually used in case of
testing new services, give the customer illusion of using a fully-
functional, automatized application. In reality, however, all of the
behind-the scene action are carried out manually.
• Explanatory Video – Another content-based minimum viable
product is in explanatory video, one minute long animation is
usually more than enough to explain the functioning and benefits
of your product.
• Effective of MVP in the form of the video-has been proven by
drobox. The application facilitating the file sharing between
different devices, required a very complex program behind it.

4. EXPLAIN THE CONCEPT OF THE MINIMUN VIABLE PRODUCT AND
WHY IT IS IMPORTANT?
• MVP is is very important because it help defined your business or
ideas, before creating a working product to the market. It give
you a negative or positive feedback, understand your market and
developing on it. This help you to maximized your budget and
most importantly improve on your ideas.
• It is a concept where a site is build to with basic features to find
out how customer use products everyday. The Marketing
research help to improve the products, more creative process,
strength and weaknesses, very friendly and easy manage. MVP
shows actual customers engagement in the product, and this is
what investors would like to see, visible result.
• The concept is to get reliable feedback of a product, and improve
on the research, it also answer the question of whether to
continue with the product or not.

5. HOW IS THE PROCESS DIFFERENT FROM THE
TRADITIONAL METHODS?
• MVP process of product research and
development has change the way we get feedback
from consumers, as an online web base, it has the
basic features to find out how consumers respond
to your product on the website, it give the
marketing/research team the feedback so the can
build and improve on their product.
• This process is different from the traditional
method of Prototype, which is just a concept of
what a concept look like.
• Prototype doesn't’t need to be functional, it
simple a Model, to prove a one creative concept.
It cost to make a model, time and resources, it just
a replica of the concept, not functional, unlike
MVP that is functional, and has features that
consumers can engaged, ask and questions.

6. THINKING ABOUT YOUR OWN BUSINESS VENTURE, DESCRIBE
HOW YOUR PRODUCT IDEA COULD BE PRESENTED AS A MINIMAL
VIABLE PRODUCT
To successfully Introduced my product to the market, it is
important I understand whether the product is needed,
and what product has the market potential. Learn start
up has great advantage, and developing a minimum
viable product to begin the process of learning is very
important.
Understanding the market is the first step, who are the
consumers, and most importantly will the product solbve
the problems.
I will use two MVP for this process, the email MVP, which
is cheaper, and very effective, and Explainer video, which
is visual and consumer can relate to what the see faster.