Day 8
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Review
Rearrange these letters into words.
TIFORP _ _ _ _ _ _
SCOTS _ _ _ _ _
Minimum Viable Product
What do you call the first version of your product or service?
It’s called your MINIMUM VIABLE PRODUCT (MVP), prototype, or beta.
Why do you think it is called a minimum viable product?
The first version of your product or service does not need to be perfect. Your focus should be to build a prototype as quickly as possible so you can test it on your target market. You need to get in front of your customers so they can give you feedback.
Entrepreneurs can fall into the trap of building the “perfect” version of their product or service for a long time, only to discover that their target market isn’t interested.
Do not invest in expensive materials and resources on your first version. Keep your costs low and be ready to quickly adapt your current design or process. Warning: Your MVP should always be safe to test on your target market.
For example, if you are trying to start a neighborhood bakery, don’t bake every item on your menu for your first bake sale. Instead, only produce a few items, save your energy, and focus on quality. During your first bake sale, you will receive feedback on where you can improve and learn what items customers actually want to buy.
Response
What is a Minimum Viable Product?
Why should you launch without the perfect version of your product or service?
Build Instructions
On the next slide, you will be developing your MVP.
First, write down the perfect version of your product or service. Finally, write down the MVP version of your product or service.
For example, Dwight would write down the information below for his MVP.
Prototype:
- Perfect Version – Launch Group clients will be tracked through our online, secure portal. In-person meetings, phone calls, and video conferences with Dwight can be easily scheduled through the online calendar. Long-term and short-term goal progress will be displayed on the portal for reinforcement. Each client will be given 50 GB of storage inside the online portal to place their startup files and media content. Launch Group will also provide clients a meeting room at an office building that can be used for meetings with Dwight or for their own business purposes.
- Minimum Viable Product – Dwight will drive to the client’s location for mentoring meetings. Meetings can be scheduled by emailing Dwight with a 24 hour notice.
Profit:
- How much profit do you want to make each time you sell your product or service?
_______$75_________ (desired profit per product/service)
- How much profit would you like to make from your business each year?
_______$75,000_________ (desired yearly profit)
- How many products or services do you need to sell each year to make your yearly profit?
(desired yearly profit) / (desired profit per product/service) = ___________1,000________________ (# sold per year)
- How many products or services do you need to sell each month to make your yearly profit?
(# sold per year) / 12 (months in a year) = _____________83.3_______________ (# sold per month)
- How many products or services do you need to sell each week to make your yearly profit?
(# sold per year) / 52 (weeks in a year)= _____________20.75_______________ (# sold per week)
Price:
- $200.00 for 2 / 1 hr mentoring sessions a month.
- $350.00 for 4 / 1 hr mentoring sessions a month
- $400.00 for 6 / 1 hr mentoring sessions a month.
Pricing Strategy:
- Receive $100.00 if you refer a friend and they sign up.
Costs:
- 13 inch MacBook Pro – $1,299.00
- iPhone 14 Pro – $999.00
- T-Mobile Magenta Plan – $70.00/month
- Nissan Leaf Lease – $425.00/month
- Car Insurance – $99.00/month
- Electric Charging – $40.00/month
- Office Supplies (ex. notebook) – $15.00/month
- Business Cards – $9.99
- Social Media Advertising – $100.00/month
Business Name: Launch Group
Logo:
Marketing:
- Direct messaging and paid advertisements on social media platforms.
- Attend Meetup entrepreneurship events and hand out business cards.
Target Market:
- Age: Young Adults, Adults
- Location: Orange County, California
- Interests: Entrepreneurship; Technology; Innovation; Stock Market
- Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.
Industry: Mentorship
Product / Service: Service
Values: In-Person, Flexibility
Description: My business idea is to provide mentoring to startups.
Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
Business Builder
___________________________
___________________________
Pitch Instructions
Present your prototype to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
Time Management
As an entrepreneur, you need to schedule your short and long term business goals.
What is a short term goal?
A short term goal is something that can be attained in the immediate future (day or week).
- I will finish the recipe for my cupcakes by tomorrow.
- I will design the recipe poster for my cupcakes by Friday.
A great tool to help you with short terms goals is a SCRUM BOARD.
A scrum board helps you manage your time and organize your short term goals into three different categories:
- To Do: These are short term goals that need to be worked on.
- Doing: These are short term goals you are currently working on.
- Completed: These are short term goals you have completed.
Using a scrum board is very simple.
- Label all your short term goals on sticky notes and place them in the ‘To Do’ column.
- When you’re ready to work on a goal, take the sticky note out of the ‘To Do’ column and place it into the ‘Doing’ column.
- When the goal is complete, move the stick note into the ‘Completed’ column.
It’s satisfying to see all the goals you accomplished at the end of the week. Seeing your progress will decrease stress and improve organization. Finally, designate a time each week to refresh your scrum board. Maybe it’s each Sunday before the week begins. Clear out the ‘Completed’ column and add goals to your ‘To Do’ column. All ‘Doing’ notes should be completed by the end of the week.
What is a long term goal?
A long term goal is something that can be attained in the distant future (months or years).
- I will make $1,000 in cupcake sales by next year (relate to profit goals from last class).
- I will finish the recipe for my vegan donuts by March.
Why is it important to create long term goals?
It’s important to have a direction for your business. Creating long term goals reminds you of the steps you need to take to follow that direction. You create your definition of business success. You don’t need to strive for a billion dollar valuation. You can just plan on being the best business in your city.
- Examples of long term goals:
1. Create a lasting rewards program for my loyal customers.
2. Be the main sponsor for my city’s Thanksgiving Day parade.
Long term goals can be placed on the bottom column of your scrum board to visually remind you of your directio
Response
What is a short term goal?
What is a long term goal?
Build Instructions
On the next slide, you will be developing your short term and long term goals.
For example, Dwight would write down the information below for his goals.
Long Term Goals:
- Generate at least $3,000 in monthly revenue
- Enter into the LA and San Diego market.
Prototype:
- Perfect Version – Launch Group clients will be tracked through our online, secure portal. In-person meetings, phone calls, and video conferences with Dwight can be easily scheduled through the online calendar. Long-term and short-term goal progress will be displayed on the portal for reinforcement. Each client will be given 50 GB of storage inside the online portal to place their startup files and media content. Launch Group will also provide clients a meeting room at an office building that can be used for meetings with Dwight or for their own business purposes.
- Minimum Viable Product – Dwight will drive to the client’s location for mentoring meetings. Meetings can be scheduled by emailing Dwight with a 24 hour notice.
Profit:
- How much profit do you want to make each time you sell your product or service?
_______$75_________ (desired profit per product/service)
- How much profit would you like to make from your business each year?
_______$75,000_________ (desired yearly profit)
- How many products or services do you need to sell each year to make your yearly profit?
(desired yearly profit) / (desired profit per product/service) = ___________1,000________________ (# sold per year)
- How many products or services do you need to sell each month to make your yearly profit?
(# sold per year) / 12 (months in a year) = _____________83.3_______________ (# sold per month)
- How many products or services do you need to sell each week to make your yearly profit?
(# sold per year) / 52 (weeks in a year)= _____________20.75_______________ (# sold per week)
Price:
- $200.00 for 2 / 1 hr mentoring sessions a month.
- $350.00 for 4 / 1 hr mentoring sessions a month
- $400.00 for 6 / 1 hr mentoring sessions a month.
Pricing Strategy:
- Receive $100.00 if you refer a friend and they sign up.
Costs:
- 13 inch MacBook Pro – $1,299.00
- iPhone 14 Pro – $999.00
- T-Mobile Magenta Plan – $70.00/month
- Nissan Leaf Lease – $425.00/month
- Car Insurance – $99.00/month
- Electric Charging – $40.00/month
- Office Supplies (ex. notebook) – $15.00/month
- Business Cards – $9.99
- Social Media Advertising – $100.00/month
Business Name: Launch Group
Logo:
Marketing:
- Direct messaging and paid advertisements on social media platforms.
- Attend Meetup entrepreneurship events and hand out business cards.
Target Market:
- Age: Young Adults, Adults
- Location: Orange County, California
- Interests: Entrepreneurship; Technology; Innovation; Stock Market
- Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.
Industry: Mentorship
Product / Service: Service
Values: In-Person, Flexibility
Description: My business idea is to provide mentoring to startups.
Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
Business Builder
___________________________
___________________________
___________________________
___________________________
___________________________
___________________________
Pitch Instructions
Present your goals to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
What do you call the first version of your product or service?
Minimum Viable Product
The first version of your product or service does not need to be perfect. (True or False)
True
What is a short term goal?
A short term goal is something that can be attained in the immediate future (day or week).
It’s important to have a direction for your business. Creating long term goals reminds you of the steps you need to take to follow that direction. (True or False)
True
Seeing your progress on a scrum board can decrease stress and improve organization. (True or False)
False
Day 8 Homework
(Complete your homework assignment on paper)
With your teacher’s permission, go online and search for the first version of your favorite product or service.
How is it different from the current version?
If you were the owner of your favorite business, what long term goals would you create?