Many a startup has crashed due to trying to do too much too fast. Most of the time, doing just one thing well is the key to a startups long-term success. Before new product expansion can occur, one foundational product should be well established. Only then does it make sense to consider expansion into variations, new features, and additional products.
When Jonathan Miller along with his mom, Mem Miller, cofounded Dimples in 2010, they understood the wisdom of this approach. Jonathan elaborates on the importance of this strategy:
Critical to preventing startup death is to reduce many product ideas into a single focused item, the MVP [minimum viable product]. By aiming for a specific MVP, no development effort is wasted in adding unnecessary features or complexity, both of which could cause funds to run out and the team to be demoralized.
In the excitement of the entrepreneurs world, the concept of the MVP might be overlooked. After all, we are a startup! and we can do anything!, right? Well, you might be able to accomplish certain things over time, but dont try to do everything today. That is a recipe for disaster, downfall, and dashed dreams.
The wise entrepreneur will recognize the MVP concept and use it to everyones advantage. Lets start by doing one thing well. Keep the main thing the main thing. Once that occurs, then you will be amazed at how many doors begin to open.
www.getdimples.com (10% discount to any customer using RELIABLEINSIGHTS code at time of order.)
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