What are the most important attributes of a great startup product?

I have built two software companies by hiring out the development work. I sold one for a decent sum during the dot com era (circa 1999). I remain a shareholder in the other one. I currently work with amazing development company on behalf of one of my clients. Here are some things to consider. 1. Do you really want to give up equity? If not outsource. 2. How fast do you want to get to market? If sooner than later, outsource. 3. How capitalized are you? If undercapitalized, either outsource offshore (which runs about 20% of US rates), or bring on an equity development partner. I offer a free call to first time clients. Let's chat and I'll give you some great advice from three decades of experience. Just use this link to schedule the free call: https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.com

Whoa, start by reading the Lean book again; you're questions suggest you are making a classical mistake made by too many entrepreneurs who live and breath Lean Startup. An MVP is not the least you can show someone to evaluate whether or not building it is a good idea; an MVP is, by it's very definition, the Minimum Viable Product - not less than that. What is the minimum viable version of a professional collaboration network in which users create a professional profile visible to others? A website on which users can register, have a profile, and in some way collaborate with others: via QA, chat, content, etc. No? A minimum viable product is used not to validate if something is a good idea but that you can make it work; that you can acquire users through the means you think viable, you can monetize the business, and that you can learn from the users' experience and optimize that experience by improving the MVP. Now, that doesn't mean you just go build your MVP. I get the point of your question, but we should distinguish where you're at in the business and if you're ready for an MVP or you need to have more conversations with potential users. Worth noting, MOST entrepreneurs are ready to go right to an MVP. It's a bit of a misleading convention to think that entrepreneurs don't have a clue about the industry in which they work and what customers want; that is to say, you shouldn't be an entrepreneur trying to create this professional collaboration network if you don't know the market, have done some homework, talked to peers and friends, have some experience, etc. and already know that people DO want such a thing. Presuming you've done that, what would you present to potential users BEFORE actually building the MVP? For what do you need nothing more than some slides? It's not a trick question, you should show potential users slides and validate that what you intend to build is the best it can be. I call it "coffee shop testing" - build a slide of the homepage and the main screen used by registered users; sit in a coffee shop, and buy coffee for anyone who will give you 15 minutes. Show them the two slides and listen; don't explain, ONLY ask.... - For what is this a website? - Would you sign up for it? Why? - Would you tell your friends? Why? - What would you pay for it? Don't explain ANYTHING. If you have to explain something, verbally, you aren't ready to build your MVP - potential customers don't get it. Keep working with that slide alone until you get enough people who say they will sign up and know, roughly, what people will pay. THEN build your MVP and introduce it first to friends, family, peers, etc. to get your earliest adopters. At some point you're going to explore investors. There is no "ready" as the reaction from investors will entirely depend on who you're talking to, why, how much you need, etc. If you want to talk to investors with only the slides as you need capital to build the MVP, your investors are going to be banks, grants, crowdfunding, incubators, and MAYBE angels (banks are investors?! of course they are, don't think that startups only get money from people with cash to give you for equity). Know that it's VERY hard to raise money at this stage; why would I invest in your idea when all you've done is validate that people probably want it - you haven't built anything. A bank will give you a loan to do that, not many investors will take the risk. Still, know not that your MVP is "ready" but that at THAT stage, you have certain sources of capital with which you could have a conversation. When you build the MVP, those choices change. Now that you have something, don't talk to a bank, but a grant might still be viable. Certainly: angels, crowdfunding, accelerators, and maybe even VCs become interested. The extent to which they are depends on the traction you have relative to THEIR expectations - VCs are likely to want some significant adoption or revenue whereas Angels should be excited for your early adoption and validation and interested in helping you scale.

You can only solve a big problem that changes the world if you solve a problem that is deeply personal to you. Two great examples and why they worked: Roy Raymond was a sad pervert. He'd buy bras and panties at the department store and all the clerks thought their thoughts about him. Roy felt embarrassed. He wasn't really a pervert. He just wanted to buy lingerie for his girlfriend. So he solved this major problem he was having. He created a space where men could feel comfortable coming in and buying sexy lingerie for their partners. He called it Victoria's Secret. But Roy, by solving this important personal issue for himself, apparently solved the same issue for many other men. First year sales were over $500,000 and he quickly opened up three more stores. In 1982 he sold Victoria's Secret for one million dollars before trying multiple other businesses that ended up failing. One MILLION Dollars. A decade later Victoria's Secret was worth over a billion dollars but Roy Raymund was nearly bankrupt and had missed the huge run-up in it's value. -- Picture New York City in the late 1800s on a rainy day. It was disgusting beyond belief. 150,000 horses transported people up and down the busy streets. Each of those horses, according to Super Freakonomics, dropped down about 15-30 pounds of manure. That's up to 4.5 million pounds of manure A DAY on the streets of NYC. And now imagine it raining. Would you cross the street? How long could this last? How long would the city survive without being infested with crap and all the diseases brought with it. What would happen as population of both men and horses increased? Was someone working on inventing a gigantic manure scooper? How would this problem get solved? It never got solved. Instead, Henry Ford invented the assembly line to mass produce cars. Every horse lost their job. People began to drive cars. Manure problem solved. -- In both cases there is a common theme. Someone outside the industry solved a problem that was personal to them that then changed an industry forever. Roy Raymund wasn't a fashion designer or a retailer. He worked in the marketing department of Vicks, which makes over the counter medications. Henry Ford, I don't think, ever worked in the manure industry. Instead, each person focused on a problem that was important to them. A problem that excited them at that moment in time. Raymund wanted to avoid being embarrassed in the future. Ford wanted an efficient way to make cars. The ONLY way to change the world is to solve a problem that is important to YOU. They had to choose themselves for success before they could save the world. Raymund had to convince himself that he didn't belong in the marketing department of a division of Procter & Gamble. He borrowed $80,000 and took the big risk of starting a business. Ford had to survive numerous failures and bankruptcies in order to find a cheap way to make cars. He would abandon investors, people who supported him, and even companies named after him, in his quest to solve his problem in his own way. Nobody gave them permission. And neither of them set out to change the world. They only wanted to solve a problem that was personally important to them. It's unfortunate that often we forget that choosing ourselves is not something that happens once. It has to happen every single day. Else we lose track of that core inside of us that solves problems and is able to share them in a way that makes the world a better place. Ford forgot this and became obsessed with Jews. Ford is the only American that Hitler mentions in Mein Kampf: "only a single great man, Ford, [who], to [the Jews'] fury, still maintains full independence...[from] the controlling masters of the producers in a nation of one hundred and twenty millions." And what happened to our embarrassed marketing manager that has ignited the passions of men and women for the past 30 years? Roy Raymund saw the value of Victoria's Secret jump from the one million he sold it for in 1982 to over a billion dollars a decade later. He failed in business after business. He got divorced. Then at the age of 46, my age, he drove to Golden Gate Bridge, jumped off it and killed himself. Before you can save the world you have to save yourself. But you have to relentlessly do it every day. Sometimes the train wakes me up at night and I feel scared. What will the world be like for my children? I won't always be able to help them. I don't even know if I do enough to help them now. And then I remember. I'm alive for another day.

I've been in ecommerce for over a decade and have co-founded and helped start companies collectively driving over $10MM in ecommerce sales. I've consulted for Fortune 500 ecommerce stores. Here's my advice if you're just getting started without a big budget. Note: Some of this is copied from my answer to a similar question. #1) PROVE THE ASSUMPTION: Start with a dropshipper's existing products to figure out what sells best before you spend money on manufacturing and warehousing. Amazon is perfect for this - they will pay you 4%-10% to promote 253,000,000 products (http://bit.ly/1q2M85R) - you can sign up at https://affiliate-program.amazon.com/ Alternately, get very small amounts of the product (maybe even just buy some from a competitor) and try selling them on ebay and amazon. Nothing hurts more than having $50,000 of imported product gathering dust in your fulfillment warehouse while listening to a voicemail from a debt collector. #2) SOURCING There are several options here. Many people prefer Alibaba.com. Warning - if you use Alibaba, you are stepping into a tank of pirahnas. There are more scam "manufacturers" on Alibaba than real ones. Use Escrow or AliSecure Pay if you buy. If the supplier says they only take T/T, Western Union, Moneygram - just say no! I prefer American Made when possible. If you're like me, try Ariba's Discovery Service - http://bit.ly/1q2NFZu - which will allow you to find suppliers with a physical presence in the USA. Note: Many things can be made on demand (someone purchases, one gets made and shipped) instead of in 500+ manufacturing runs. Start there if you can - Books on CreateSpace.com, Clothes on CafePress.com, Playing Cards on MakePlayingCards.com, etc - to test out your exact product. If you decide to source by purchasing product in bulk, find a fulfillment company to store and fulfill (ship) your orders. Amazon does this - http://services.amazon.com/content/fulfillment-by-amazon.htm - but they might decide to crush you like a bug if you're successful (http://bit.ly/1q2V7DX). Other fulfillment companies for e-commerce include http://www.shipwire.com/ and http://www.webgistix.com/ #3) LAUNCH YOUR SITE This is an entire topic in itself. One of the fastest ways I know for newbies to start in e-commerce is with a SquareSpace.com store. Other options include GoDaddy.com and BigCommerce.com. If you can stand to use the templates they provide instead of trying to customize them, you'll save yourself a lot of hassle and expense - customization usually looks terrible unless a designer/coder was hired to do the work. If you do customize, find someone on odesk.com or elance.com. If you're not hard up for money, just build a custom store from the start. If you can't do that, save up some money and then go for it. Focus on increasing conversion rate - for every 100 visitors, get 1 to buy. Then 2. Then 4. Then 8 (8%). #4) MARKET Figure out where your competition is advertising. Are they getting free, "organic" SEO results on Google? Using social media to drive billions of dollars of sales? (NOTE: That was a joke - don't count on social media as the nucleus of your marketing campaign. Please!) Are they paying for Google ads ("PPC"), buying email lists, using strategic partnerships for promotion, relying on shopping portals, using banner advertising, or something else entirely? There's probably a good reason - figure out what it will take to play in those waters. At the same time, try to find a small enough niche that you can win in it. #5) BEWARE Be careful about artsy things. If someone is attracted to something artistic, it's usually because there is a story behind the art for them, or because it's cheap. If you're going to try to sell artistic things, you may want to consider doing some serious research first about who has been successful in that area. Look at etsy.com to see handmade artsy items (very cool). #6) WORTH A LOOK Worth checking out as you start your journey: Art.com, yessy.com, Artfire.com, ArtPal.com #7) DEEP FOUNDATION If you need help, reach out for a 15 minute call and we'll discuss a go-to-market strategy specific to your goals.

2 different categories come to mind. H&R Block or other tax preparation services. The second is restaurants. This may seem like a product more than a service but I think it truly falls into the category of service, especially if you look at the national chains. Think Applebee's, TGI Fridays etc. The reason people go to these places is because of the experience they receive. The franchisors have created a system that generates nearly identical results nationwide. The first thing you need to do is figure out what makes your service superior to others out there, then you need to figure out how and why this is the case. From there you need to document it and make sure that you have a mechanism in place to ensure compliance. Granted that is a huge amount of work, but the basic premise is quite simple. You want all of the people you hire to do things more or less the way you would do them.