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▶ Minimum viable product is a concept stemming f ▶ Minimum viable product is a concept stemming from the Lean Startup method (Ries, 2011). It is built very early on to test customer reactions, interest, and preferences. Building something cheap before the final product allows you to iterate multiple times, learn from the customers, save costs, and avoid "waste" (time and resources spent to create products that nobody wants). The concept can be applied to physical products, software, and services. And it's also worth mentioning that MVPs are not prototypes. While prototypes are built to test technical feasibility, MVPs help to develop products that people actually want.
#businessinfographic #infographic #leanstartup #minimumviableproduct #prototype #ericries #customerdata #customerpreference #iteration #productdevelopment #businessdevelopment #startuptips #startupfounder #businessownertips #newbusiness #businesscreation #entrepreneurshiptips #entrepreneurshipeducation #businesseducation
▶ I post a lot about emerging markets, new techn ▶ I post a lot about emerging markets, new technologies, and innovative startups. If you ask me about the best business opportunities it's difficult to say, because it depends so much on what you like to do and what you can do. But replacing established unsustainable businesses or creating completely new sustainable businesses is an opportunity for almost everyone, because there is a huge need for that in almost every industry.
#sustainability #sustainablebusiness #sustainableentrepreneurship #sustainabledevelopment #zeroemissions #zerowaste #foodwaste #plasticwaste #startuptips #newbusiness #businessdevelopment #businessideas #businessopportunities
▶ There's much more in conducting market size es ▶ There's much more in conducting market size estimations, but this is a good starting point. How large is the market that you are targeting?
📣 You start with the total addressable market (TAM). This is basically all potential customers that COULD buy from you if there were no alternatives. You then narrow down to estimate the total serviceable market (SAM) on the basis of demographics, product differentiation and your capabilities. Finally, you move on to define your serviceable obtainable market (SOM) that is further reduced to potential customers who would love to buy YOUR product instead of buying nothing or the product of your competitors.
💡 The SOM should be only a small proportion of the TAM. The more carefully you define your market, the more likely it is that they will buy from you, because in this way it is more likely that you can create products and services that they want. The goal is to conquer small markets first and then quickly move on to larger markets. The goal is NOT TO offer something for the whole world, unless your Elon Musk.
#businessinfographic #infographic #marketestimation #marketsize #totaladdressablemarket #businessgrowth #growthstrategy #businessplan #customerprofile #newbusiness #businesscreation #startuptips #businessownertips #entrepreneurshiptips #businesseducation #entrepreneurshipeducation

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