I grabbed this video by one of our Grommet Makers off of LinkedIn. It resonates for me because:
- She lays down a lot of wisdom, rapid fire
- It’s good advice for early career people. I spent a whole day at HBS recently on a panel of founders talking to three classes. Their questions were fairly universal ones for people evaluating entrepreneurship v. other options and Miki Agrawal eloquently addresses some of them in this short video. It’s well worth the few minutes of viewing.**
**I do depart from Miki’s advice that “Iteration is Perfection.” The startup world is too enamored of the notion of Minimum Viable Product (MVP). This is crap advice if you are doing a consumer product or business where execution determines success (like The Grommet). We could never have succeed by launching half baked Grommet products. MVP is applicable for many apps, simple business ideas, partial execution of bigger ideas (i.e. don’t try to release the whole big product or platform vision in an MVP) and smaller components of a business. We do apply that notion of MVP within our current business for advances in our website and new offerings, and the concept of MVP was partially relevant in our early days in that we focussed serious resources on the parts of the business that made us distinctive. We simply did “MVP” executions of the rest of the business functions. We corrected those minimal efforts once we had resources–but while we were skating by I did a lot of apologizing for the areas where we were not investing.