We are exactly in this situation right now. We have used our own money so far and it will soon be depleted. But we haven't found a good MVP yet. Now the question is to know whether we should raise money from friends or go back to work on part-time jobs to keep the ball rolling. It really is a tough choice.
Personally I prefer to have a MVP before taking anyone else's money. I don't think its good to takes a friend's money so you can do some more 'exploring' - especially with the track record of not being able to find a MVP with your own money.
- Imho I would go back to part time work, and use only your own money until you've got a nice MVP, then perhaps you'll end up finding out you don't need others money.
- and when you do go back for money - make sure to have a answer to what you'll use it for (that should be the pitch for the money) .. along with # of users, Rev, Profit and some basic projections (Both good projections and worst case)
In entrepreneurial circles, MVP commonly stands for Minimum Viable Product. This is the smallest set of features your product needs to be viable as a business.
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We are exactly in this situation right now. We have used our own money so far and it will soon be depleted. But we haven't found a good MVP yet. Now the question is to know whether we should raise money from friends or go back to work on part-time jobs to keep the ball rolling. It really is a tough choice.
Personally I prefer to have a MVP before taking anyone else's money. I don't think its good to takes a friend's money so you can do some more 'exploring' - especially with the track record of not being able to find a MVP with your own money.
- Imho I would go back to part time work, and use only your own money until you've got a nice MVP, then perhaps you'll end up finding out you don't need others money.
- and when you do go back for money - make sure to have a answer to what you'll use it for (that should be the pitch for the money) .. along with # of users, Rev, Profit and some basic projections (Both good projections and worst case)
How do you mean you haven't found a good MVP yet? (Just trying to parse that.)
In entrepreneurial circles, MVP commonly stands for Minimum Viable Product. This is the smallest set of features your product needs to be viable as a business.
Yes, but it's not something you find, it's something you build. Which is why I asked. It looks like he meant "we haven't found market fit yet".
Indeed you are right. That is what I meant. And building a product that reaches market fit takes some time and quite a few iterations.
What I call a "good MVP" is a product that fits a market, something people want and are willing to pay for.
You should probably say "market fit" then.