1 00:00:04,590 --> 00:00:05,730 One 2 00:00:08,410 --> 00:00:09,240 what's up guys. 3 00:00:09,280 --> 00:00:15,120 Now we're going to talk about something that is extremely important and that is an MVP. 4 00:00:15,190 --> 00:00:18,170 What is it and why is it so important. 5 00:00:18,340 --> 00:00:25,540 NBP stands for minimum viable product which is basically the bare bones essentials that your product 6 00:00:25,540 --> 00:00:29,750 needs to test the hypothesis in the market place. 7 00:00:30,100 --> 00:00:33,200 So what I mean by test the hypothesis. 8 00:00:33,310 --> 00:00:39,730 Basically what you're trying to do with an MVP is you haven't tried the idea and you want to see how 9 00:00:39,730 --> 00:00:43,540 the market react to it how people react to and how users react to it. 10 00:00:43,540 --> 00:00:51,250 You've seen a lot of products come and go in the past decade due to apps and a lot of them failed to 11 00:00:51,460 --> 00:00:52,760 test the hypothesis. 12 00:00:52,780 --> 00:00:58,630 And then in turn fail to achieve what they call product market fit or actually have the market adapt 13 00:00:58,630 --> 00:00:59,770 to what they've built. 14 00:00:59,980 --> 00:01:10,690 So an hypothesis is generally one one question that you're looking to solve or answer as you're building 15 00:01:10,690 --> 00:01:17,350 out your product so with most products you're going to be solving a problem in some way shape or form. 16 00:01:17,560 --> 00:01:24,000 And your hypothesis is basically saying this is my unique way of solving that problem. 17 00:01:24,040 --> 00:01:26,350 Well see if people buy into it. 18 00:01:26,410 --> 00:01:33,040 Right so you have your NBP you have your hypothesis and you're trying to achieve product market fit. 19 00:01:33,050 --> 00:01:38,020 There's two main ways where I've seen a lot of companies go wrong and the first one is their minimum 20 00:01:38,020 --> 00:01:41,030 viable product is actually way too minimal. 21 00:01:41,080 --> 00:01:48,680 It doesn't have the necessary components for the company to actually test the product or improve to 22 00:01:48,760 --> 00:01:51,910 the marketplace if they have a viable solution. 23 00:01:51,910 --> 00:01:56,890 Right so those three steps that we've talked about right having these are I understand why they're there 24 00:01:56,950 --> 00:01:58,210 taking them on a journey. 25 00:01:58,210 --> 00:02:03,220 I mean them explore the product and understand it and then delighting them so they can circle back around 26 00:02:03,520 --> 00:02:05,880 tell all their friends and use your product again. 27 00:02:06,100 --> 00:02:13,420 A lot of times that is broken up in the MVP stage too much to the point where the user can't actually 28 00:02:13,420 --> 00:02:18,520 indulge in what you're trying to accomplish because they can't accomplish what they're that for. 29 00:02:18,520 --> 00:02:20,150 So that's one way. 30 00:02:20,200 --> 00:02:27,610 I've seen companies go to minimal viable product where it actually just doesn't even become viable. 31 00:02:27,610 --> 00:02:33,730 The second mistake that you don't want to make is actually overextending your MBP So a lot of times 32 00:02:33,730 --> 00:02:40,390 people say why can't they just build this awesome product the way I envision it in my head it's going 33 00:02:40,390 --> 00:02:43,710 to be perfect is this shiny new thing and the world is going to love that right. 34 00:02:43,720 --> 00:02:47,330 A lot of times your views will change once he gets in the hands of users. 35 00:02:47,350 --> 00:02:54,070 And the faster you get this feedback loop going between your actual customers and your users the better 36 00:02:54,080 --> 00:02:57,970 you can refine your product to gain product market fit. 37 00:02:57,970 --> 00:03:03,000 So I've seen companies that have started to create a product and they haven't. 38 00:03:03,050 --> 00:03:08,970 They have this tunnel vision and haven't given it to users to use or to explore. 39 00:03:09,220 --> 00:03:14,800 And they spent six to nine months creating features that didn't even need to be explored yet because 40 00:03:14,800 --> 00:03:18,130 they didn't even know if their hypothesis was valid. 41 00:03:18,130 --> 00:03:22,360 They couldn't legitimize any of the truths that they're trying to highlight with their pride because 42 00:03:22,360 --> 00:03:25,330 they didn't get it in the hands of users fast enough. 43 00:03:25,330 --> 00:03:32,130 So don't try to add every single feature upon version 1 launch. 44 00:03:32,170 --> 00:03:39,100 Don't try to have everything staked out the way you think it should be in your head but don't make a 45 00:03:39,100 --> 00:03:45,490 minimum viable product that isn't even viable then you just have a minimum product you have an MP rate. 46 00:03:45,490 --> 00:03:48,480 So there is minimal value upright. 47 00:03:48,480 --> 00:03:53,310 In a nutshell you can definitely look it up online and read up about it. 48 00:03:53,320 --> 00:03:59,450 There are some great books and articles about how to approach building a minimum viable product. 49 00:03:59,880 --> 00:04:08,860 But for this purpose of what we're going to do is if you have an app idea or a product idea we're actually 50 00:04:08,860 --> 00:04:12,390 going to go through building a minimum of a product. 51 00:04:12,400 --> 00:04:17,030 We're going to have a case out there are going to be working on. 52 00:04:17,150 --> 00:04:21,670 And there's a lot of features that we could throw into it but we're going to pick out which ones make 53 00:04:21,670 --> 00:04:28,130 the most sense and why we chose to go with the ones that we did in order to validate our hypothesis. 54 00:04:32,820 --> 00:04:33,980 When.