Okay so listen, I'm going to keep it real with ya'.
Starting a business can be easy, but sustaining it can be hard AF.
Don't believe me?
Well, according to the US Bureau of Labor Statistics,
- 20% of new businesses fail in year one
- 34% of businesses close within the first two years
- More than 50% of businesses remaining after year two close by year 5
- And only 30% (yes 30%!) make it past year 10
One of the most common reasons why these businesses fail is because the founder hasn't truly validated their idea against their target market and instead, they spend a lot of time and money on an idea that people ain't really messing with.
Before you hurry up and launch that new idea that just popped up in your head, I recommend creating an MVP (minimum viable product).
An MVP is basically a simplified version of your biz idea. It's cheap and fast to create, and it allows you to get feedback from your target audience quickly so you can take that feedback, make improvements, and validate your idea.
To help you get a better idea of what an MVP is and how entrepreneurs are using this concept to validate their idea, we spoke with Travis Ezidiegwu, cofounder of The Mercer Club, a Y Combinator-backed startup.
In this video, Travis shares:
- Everything you need to know now about building an MVP (minimum viable product)
- His journey in building his company's MVP
- The mistakes he made and how you can avoid them
- The importance of maintaining your mental health and self while building your business