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The $100 MBA Show

MBA924 How to Create a Successful Version 1 of a Product

The $100 MBA Show

Omar Zenhom

Careers, Marketing, Business, Entrepreneurship

4.91.2K Ratings

🗓️ 23 January 2018

⏱️ 18 minutes

🧾️ Download transcript

Summary

Get ready for launch! Sometimes, entrepreneurs struggle to get their product market-ready in time. It’s no secret that we believe strongly in the principle of launching the MVP, or Minimum Viable Product, as soon as possible. So while we never recommend “perfecting” your product into non-existence, you do want to make sure that the first version you release will have the best possible impact — and lay the foundation for success with future versions.

Transcript

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0:00.0

Heyo! Welcome to the $100 MBA Show, the business podcast that helps you sharpen your business skills every single day.

0:17.0

With our daily 10 minute business lessons for the real world, I'm your host, your coach, your teacher, Omar, and home. I'm also the co-founder of the $100 MBA,

0:27.1

a complete business training and community online over at 100 NBA.net.

0:33.2

If you have a business idea that's keeping you up at night,

0:35.7

your first step is to make sure people want what you're about to sell.

0:39.4

This process is called idea validation,

0:41.9

and it's something that we're really good at at the $100 MBA.

0:45.3

It's one of our most popular courses and we're offering it to you for free.

0:49.7

It's a seven-part video course and workbook that you can get over at 100 MBA.net.

0:55.6

In today's lesson you will learn how to create a successful version one of a product.

1:02.4

When you're launching a new product in your business, whether you have an

1:05.9

e-commerce store, whether you're selling an e-book, whether you're selling a course, whether you're

1:09.1

selling a software, getting it out in the world with version one is so important.

1:15.0

But it's also very critical.

1:16.0

You want to make sure you do the right thing so you get the momentum, you get the success you need,

1:21.0

to keep moving forward, to keep continuing with this product idea.

1:24.6

That means creating a product that people want and will buy.

1:29.3

And this requires a balance.

1:30.6

A lot of people spend a lot of time planning their product, tinkering away, and

1:35.3

delaying the launch of that product.

1:37.3

But you don't know what people really want or are willing to buy until you actually put

1:41.1

it out in the world.

...

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