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What is a "Minimum Viable Business"?
What is a "Minimum Viable Business"?
A Minimum Viable Business (MVB) represents the simplest, most streamlined version of a business that can operate effectively and deliver value to its customers with the least amount of resources and complexity. The idea is to start with the core elements necessary for the business to function and then gradually build and expand based on feedback, learning, and market demand.
Internal Business Operations
Internal Business Operations
Internal Business Operations include the activities, processes, and functions that are carried out within a business to ensure it runs efficiently and effectively. These are the day-to-day activities that support the production, management, and delivery of the business’s products or services.
Business Inputs & Outputs
Business Inputs & Outputs
Business Inputs are the external factors such as customer demand, feedback, expectations, and market trends that influence the business' decisions and strategies.
Business Inputs can include:
Customer Demand: The level of interest and need for the product or service within the target market.
Customer Feedback: Insights and opinions from customers about the product or service.
Customer Expectations: The standards and qualities that customers anticipate from the product or service.
Market Trends: Current trends and shifts in the market that affect customer behavior and preferences.
Competitive Landscape: Information about competitors and their offerings.
Industry Standards: Established norms and benchmarks within the industry.
Regulatory Requirements: Legal and compliance considerations relevant to the business.
Business Outputs are the actions and strategies employed by the business to reach, engage, and retain customers, as well as to promote and sell the product or service.
Business Outputs can include:
Marketing Activities: Efforts to promote the product or service, such as online advertising, content marketing, and social media campaigns.
Customer Outreach: Direct communication and engagement with potential and existing customers through email marketing, newsletters, and personal outreach.
Sales Efforts: Activities focused on converting prospects into customers, such as sales pitches, demos, and offers.
Brand Building: Actions taken to create and strengthen the brand’s identity and reputation.
Customer Support: Providing assistance and resolving issues for customers to enhance satisfaction and loyalty.
Product/Service Updates: Enhancements and improvements based on feedback and market demand.
Networking and Partnerships: Building relationships with other businesses, influencers, and potential collaborators.
Educational Content: Creating and sharing information that educates customers about the product or service and its benefits.
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