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Define Your Product and MVP (Minimal Viable Product)

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Last updated 5/2022 English
Overview

In this exciting course, we are going to dive deep into your product strategy by first defining exactly what your product is. We will ask you a bunch of questions that will guide you to coming up with a clear definition of exactly what your product or service is. This course will also give you ideas on how to get your customer (or potential customer) involved in the process which is critical to your success.

While most entrepreneurs just think about their core product or service, we will expand your definition to consider what we call, the Whole Product, which includes your entire solution.

Next, we are going to teach you everything you need to know about creating your MVP. This is a key strategy that you must use otherwise you could end up taking forever to develop your product, spend way more money than you needed to and develop something your customers don't want. Please don't let that happen to you.

Finally, we will teach you how to defend your entire product strategy. You might ask, why is this even necessary. Well, if you want to get your product or service idea funded (either internally via your company or via outside investors), you must know how to defend your product or service against incoming competitors. Investors will require this!

Define Your Product or Service

On its own, your product or service is only part of your offering. Your complete offering goes beyond your product or service and includes add-ons, upgrades, packaging, support, education and training, a warranty or customer support, and other value-added services. By embracing four key questions, you will arrive at a powerful product definition that entices investors, staff and customers alike: Who is the end customer for my product? What does the customer gain from my (whole) product? Where can customers find my product? When is my product, upgrades/additional items going to roll out?

Minimum Viable Product Explained

One of the most important concepts of your product strategy is identifying your minimal viable product or service (MVP or MVS). This walk-through takes you through a process to identify what key qualities of your product or service comprise your MVP. Once you identify the minimum offering that addresses your customers' needs, you can position your business for launch. 

Sample MVPs

We will run through a handful of companies and what their MVP was when they were getting started.  

Entrepreneurial Personality Types

To better understand how you will approach your product strategy and MVP, we have come up with an assessment of your entrepreneurial personality type that gives you insight into how you might think about your product strategy. 

MVP Guidelines 

This video is not to be missed. We walk you through a host of helpful guidelines that will make it much easier for you to come up with your MVP.

How to Evaluate Your MVP

Here we give you strategies for evaluating your MVP to make sure it is achievable and that investors will be onboard with it.  

Defending Your Product or Service Strategy

Defending your product strategy is an incredibly important yet often overlooked aspect of the entrepreneur's strategy. You must be able to address investors' favorite question: What prevents competitors from duplicating what you're doing? Here, Ken walks through how to fortify the defensiveness of your product or service—because the stronger your defense is, the greater confidence and readiness you'll have for handling competitive adversity in business.

This course is part of a larger series on creating a winning product strategy. To learn more, you can watch the following courses in this series.  

  1. Create a Winning Product or Service Strategy
  2. Create a Compelling Product Roadmap
Testimonials
  1. I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
  2. Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
  3. Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
  4. Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
  5. I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
  6. So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
  7. This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore
What you'll learn
  1. How to create a solid and robust product definition that will excite both customers and investors
  2. How to create not just your core product or service but your Whole Product strategy
  3. How to execute the MVP methodology so that you develop a product your customers really need
  4. How to defend your product against competitors