Many aspiring entrepreneurs take far too long building out the perfect product or service. They worry that a premature offering will tank their business before they begin. For women who tend to be perfectionists, debuting an undercooked product or idea is especially difficult. But the much greater risk lies in launching a polished product that’s consumed 100 percent of your capital and energy to achieve (your version) of perfection. Why should you consider early launches?
Because 95 percent of new products fail
Yours, in its first iteration, probably will, too. It might be missing a feature you didn’t initially think was critical, but your customers do. Or your initial strategy to sell to one entry point at a company or one demographic could fall flat. Or maybe a more established competitor comes out with a similar product at the same time as you.
In any of these scenarios, the ability to go back to the drawing board with some investment dollars and some brain cells left can be a massive competitive advantage.
Start with a Minimum Viable Product
Jeff Bezos didn’t build Amazon by launching a fully stocked online megastore. No, he started with books and a dream. His strategy? The Minimum Viable Product (MVP).
The MVP strategy calls for building a simple version of the product or service you want to launch. Then releasing it (early) to validate that your customer needs it and will pay for it. (Or, to figure out what features are needed so they will.) Going too big too soon is like creating your crown jewel in a vacuum. And is likely to send you so far into the weeds that the offering becomes unwieldy, unfocused and, ultimately, unsuccessful.
The startup highway is littered with really smart (and very well-funded) companies that ignored Jeff Bezos at their own peril. CNN+ was launched, lived and died in about 30 days. Around $300 million later, CNN figured out something they could have learned in market testing: People didn’t want a 24-hour news streaming service if they had to pay extra for it. How about Buffalo Wild Wings Mountain Dew Wings and New Coke? Both massively funded new market introductions with little market testing that didn’t last a month.
Dream big but execute with focus
It’s good to think up every potential feature or capability of your product. But then you will need to ruthlessly cut 85% of your ideas out of your original design or offering. File them away under “Future Plans” and move on.
Instead, focus on the core value proposition. Maybe it’s to make something faster, easier, less glitchy. Maybe it’s to help a company address an emerging problem they aren’t ready for and don’t have an easy answer to yet. A to-die-for new clothing item, an event app to share with your friends or an easier way to track the latest workout trends…just to name a few. Or it could be a high-touch service offering for a small but price tag agnostic group. Whichever way you go, just make sure every product or service feature directly relates to your core value proposition.
Plan on taking more than one shot at success
You might not think you’ll need a Version two (or even a third or fourth iteration of your idea). Guess what? 97% of CEOs report taking steps to change how they create, deliver and capture value in their business. So be ready to retool your offering, again and again and again until it has the market pickup you need.
Stay focused on creating must-have product and service features and supporting them with a very targeted marketing strategy. Then, take a deep breath and release your baby into the wild. Think of it like sending your kindergartner off for the first time, or your dog to doggie daycare. Things can and will go wrong. But you’ll be there to address any first (and second or third) day hiccups and help them live to fight another day.
Embracing imperfection and launching early allows entrepreneurs to learn, adapt and ultimately create products that truly resonate with their target market, leading to greater long-term success. Read more “Unfiltered Wisdom on How to Start a Business as a Woman” at https://thefemalemaverick.beehiiv.com.
About the author
Beth Mazza is a serial entrepreneur having built businesses valuated at more than $40 million with exits to both strategic and financial buyers. Now cofounder of the Female Maverick, a content, coaching and consulting business aimed at helping 10,000 women launch seven-figure businesses.
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