The Classical school of Economics chanted, "Supply, creates its own demand!” Fast forward to the modern era, the “supply first'' days are long gone. We live in an age of abundance, and new age entrepreneurs must find the customer demand before creating supply. In modern entrepreneurship, this saying has reversed: "Demand, create its own supply."

Finding the Problem-Solution Fit for your first product is not easy. You have no bearing on the right customer problem, no paying customers, and close to zero customer input while building the product. Unsurprisingly, one of the key reasons startups fail is “trying to build and sell solutions that customers don’t want.” According to a CB Insights report.

The MVP is how a startup really announces itself to the world. It’s the first look most people will get at the startup’s big idea and how it’s solving customer problems. It’s often very raw. Typically, you’ll find that the MVP is hardly recognisable compared to the product that you know and love today.

As a startup, one of the biggest challenges will be the pricing of your initial product. You’ll fluctuate between a concern that if you price it too highly the product won’t stick, but if you price it too low, it will be impossible to build a sustainable business around it.

“Build it and they will come!”

It’s a subject of great debate within the startup community: Do you need a Minimum Viable Product (MVP) to seek (and raise) pre-seed funding?