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Listen to Your Market (Advice from Brian Frumberg)

Name: Listen to Your Market (Advice from Brian Frumberg)
Uploaded: 2017-06-29T18:01:05+00:00
Duration: 32 s
Channel: Royston G King
Description: In this brief advisory monologue, Brian Frumberg emphasizes that entrepreneurs cannot assume market demand for their product. Instead, they must validate…

29 Jun 2017 · 1 min

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In this brief advisory monologue, Brian Frumberg emphasizes that entrepreneurs cannot assume market demand for their product. Instead, they must validate need with real data by quickly building and releasing a Minimum Viable Product (MVP) and then actively listening to market feedback. He extends the MVP concept to any hypothesis—such as an email campaign or a new hire—treating each as a test to be run in the market. The core message is to approach ideas as experiments, gather measurable results, and let the market dictate decisions rather than relying on intuition.

You don't know that the market needs the tool that you're building. That's a question that you're trying to answer, and you're gonna answer it with data. And you're gonna answer it by getting an MVP out and getting it out to the door and listen, listen, listen. But it's not just your product that it's an MVP. It's like, we think sending out this kind of email campaign could be really good. That's a test that you're gonna run. We think bringing somebody in this kind of role would be right. That's a test that you run. And you approach everything that you think is a good idea not as a decision that you made 'cause you know the market needs it, but you're gonna go out into the market and listen.