Week 2 - MBA 6101: Ascend Your Startup (MVP)

Within this chapter of Ascend your Startup, Minimal Viable Product (known as MVP) is defined as an early version/model/production stage of a product or service. This product is launched with just enough functionality to tempt early adopters to acquire and test the product thus allowing the operating organization to collect relevant data regarding the product and its public reception/sales data before investing more time and capital into the products further development and production.

Within the text, Yu provokes 2 key questions regarding minimal viable product that should be asked to one self before further time and capital investment:

  • What is your minimal viable project?
  • How will you pilot your product?



 

An Minimal Viable Product's key benefit is that it helps you to learn about your customers' interest in your product before completely developing it and spending excess funds that may not be able to be recouped in the future. The sooner you can figure out whether your product will sell, the less time and money you'll waste on something that won't. This ultimately leads to efficiency within the production and growth process. 


References

Yu, Helen. (2021). Ascend your start-up. Made for Success Publishing.

Comments

Post a Comment

Popular posts from this blog

Week 8 - MBA 6101 - Logomaker

Image
For this week's hands-on assignment we were tasked with creating a logo for a company or service that was applicable to us as individuals. For this task, we were supplied with the website www.logomaker.com. Below is the opening user interface you are exposed to upon entering the site: As seen above, there is a very simplistic, user friendly interface that requires you to type in some key information regarding your industry, company name, and a slogan/tagline. For this example, I populated the information with the following information: After populating the fields with your desired input, you simply press the orange 'Make a Logo' prompt and the website will take you to another page in which you can decide on a theme/style that you would like your logo to be centred around. Here is an image of the user interface we are presented with: For my example, I have decided to select the 'Initial, 'Icon and 'Badge' logo styles. You have the option to chose up to 3 ther...
Read more

Week 8 - MBA 6101 - Surfing the Tsunami

Image
Todd Kelsey's book Surfing the Tsunami has been a great introduction into the world of AI. Prior to this class, I had little to no experience with the world of artificial intelligence and was slightly naive to the way in which the world was moving (at an exceptionally rapid pace). From all of the information I have been hit with, the key point that I have taken away is that we need to embrace AI. It's going to play a huge role in out future and we need to look to adapt rather than to overcome.  I was lucky enough to be given the opportunity to ask Todd Kelsey, the author of Surfing the Tsunami himself, some direct questions that I had regarding AI/Quantum and the future. Here is the transcript of our Q&A - I feel like this is valuable information that needs to be shared as there's no one better to consult than the author himself: (Todd Kelsey's responses are following the '>' symbol) As you will see below, I decided to share a story with Todd Kelsey that...
Read more

Week 1 - MBA 6101: Surfing the Tsunami

Image
Todd Kelsey's book, Surfing the Tsunami , explores the influence of artificial intelligence (AI) on jobs. Ultimately, the purpose of artificial intelligence is to see how far computers can be taken to stimulate or potentially exceed human intelligence  One of AI's main goals is to automate routine work so that people can focus on more analytical tasks.  The publication also discusses how artificial intelligence has evolved software automation from pencil and paper to calculators and spreadsheet systems and how these new technological advancements have been put to use in modern day applications.   Surfing the Tsunami shows how swiftly artificial intelligence has advanced in the business realm. Many human jobs are at risk of being replaced by AI, which has the potential to harm society. Since  machines can  consistently and reliably analyze data faster and more efficiently than humans, this asset-class risks becoming obsolete if their work does not adapt appr...
Read more