Have you ever been fired up about an idea? A small subset of fired-up folks will turn their idea into a startup. A smaller subset will be able to scale their business before running out of money. The key to maximizing your potential is to take intelligent risks: invest in good business ideas, not just cool ideas. The same goes for HR studies, operational improvements, and strategic initiatives.
I have worked with many engineers and scientists throughout my career. Many of my colleagues, including myself, have fallen victim to believing a product idea is so great that it will disrupt an industry. Cool ideas, fun projects, and interesting academic exercises are only sometimes good business ideas. Boring and simple ideas are still candidates for good business ideas. Even crummy products can make good business sense if customers are willing to pay. Hone your skills to identify the difference.
A typical Minimum Viable Product (MVP) pyramid includes functionality, reliability, usability, and delightfulness as blocks in its architecture. Many seemingly great ideas are productized by investing entirely in the product’s core functionality (i.e., a plethora of bells and whistles). Do your customers even need that level of functionality to solve their pain points? Successful business ideas are often validated with customers through their MVP.Â
A true MVP dabbles into each of the core elements of the MVP pyramid. It has just the right amount of functionality to satisfy the customers’ pain points and can be relied upon to provide that satisfaction. The MVP is also not a pain to use or consume. Maybe it is a little fun to use. It creates the right amount of value with a suitable investment and is priced to make a sale.
