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Financial Literacy Club

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Entrepreneurship · Lesson 3

Creating a Product

Part A. Vocabulary

Define each term in your own words.

Minimum viable product (MVP)

Part B. Guided notes

Fill in each blank using the word bank.

Word bank: compliments · measure · simplest · skipping

  1. MVP = the version that solves the problem.
  2. Build → test → → learn → repeat.
  3. Money is proof; aren't.
  4. Small doesn't mean safety or rules.

Part C. Check your understanding

Circle the best answer.

  1. 1. What's the main purpose of an MVP?

    • A. To launch a perfect product
    • B. To learn from real customers quickly and cheaply
    • C. To impress investors with features
    • D. To avoid talking to customers
  2. Twenty friends say your product is "awesome." Two people pay for it.

    2. Which is the stronger signal?

    • A. The twenty compliments
    • B. The two paying customers
    • C. Both are equal
    • D. Neither means anything
  3. 3. An app idea can sometimes be tested without writing any code.

    True/False

Part D. Apply it

Show your work.

  1. 1. Which is the best MVP for a tutoring business? (a) a custom app, (b) a flyer, a sign-up form, and three trial sessions, (c) a website covering 50 subjects.

  2. 2. Name a measurable signal that your MVP is working.

Part E. Think about it

Answer in complete sentences.

  1. 1. What's the smallest possible version of a business idea you have?

  2. 2. Why do founders often wait too long to show their product to customers?

Exit ticket

Name

Why is money stronger proof than compliments?