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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
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.
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.
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.
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.
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.

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LEARN START UP

  • 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.