#057
The 4 Proven Steps to Innovate and Iterate (Amazon Uses Them...)
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The biggest threat to any entrepreneur is Analysis Paralysis.
Getting bogged down in the details, afraid to make a decision because you want everything to be perfect.
The problem is that in both business and in life, there is no such thing as perfection. It’s a fool’s errand that distracts you from progressing.
This is because perfection can only occur as a snapshot in time. The world keeps moving and changing, and so does everything in it. So, what may be perfect today, can be irrelevant tomorrow.
That’s why Amazon’s innovation philosophy is so perfect (pun intended) for both budding entrepreneurs and Fortune 500 companies.
T-B-S-T: Think It. Build It. Ship It. Tweak It.
For those of you who were in the military, this sounds a lot like Colonel John Boyd’s OODA-loop. Colonel Boyd was a renowned Cold War fighter pilot who developed this concept of Observe, Orient, Decide, Act that he used to stay one step ahead of his opponents.
It’s an iterative process that teaches you to constantly assess your situation, figure out how to improve it, then execute on it. This way you’re never stagnant. Never complacent.
Amazon has taken that and applied it directly to the consumer market.
Let’s break it down to show how you can apply it to your business.
Think It: This phase involves brainstorming and conceptualizing ideas.
It's about identifying a problem, understanding the user’s needs, and defining the product vision. The goal is to come up with innovative solutions and create a clear plan for development.
Greg and I did this when we had the idea for the Vet Collective – our community bringing veteran entrepreneurs onto a single platform. We saw there were tons of resources helping veterans get jobs, but very little in the way to make them entrepreneurs.
This was only a theory because we hadn’t validated it, but the idea was based on our observation of the market.
In order to test it, though, we had to build a minimum viable product, or MVP.
Build It: Once the concept is solidified, the team moves on to creating a version of the thing that works well enough that’ll allow them to start collecting user feedback.
The focus is on creating a functional version of the product that can be quickly developed and tested.
Speed and efficiency are crucial during this phase. You don’t want to waste a bunch of time, money, and resources on something that may not have product-market fit. The sooner you can determine this, the better.
Greg and I created our MVP for the Collective on Circle. It’s a community building platform that allows creators to customize the user interface to meet their style and brand without the need for coding or spending a fortune developing a standalone app.
If this idea failed, we didn’t want to be holding the bill for a five-figure app that would never generate revenue.
The key to this step is developing something quickly and cheaply that still meets your intent, knowing that you’re either going to scale it or toss it.
Ship It: After the MVP is built, Amazon distributes it to their users.
This is about getting the product into the market to start gathering feedback. We want to move beyond theory and hunches, and begin learning from real user interactions and experiences.
With a functional version of the community running, Greg and I were able to guide users to this platform on social media and interact with them in real time.
They loved the monthly webinar with industry experts and the sense of shared community, but they wanted more specific education that could take them from a common starting point to a known ending point.
There is no better feedback than direct customer contact. You get to figure out what they like, what they don’t like, and what’s missing. Having hard data points sets you up for the final step in the loop.
Tweak It: Based on the feedback received, the product is continuously refined and improved.
This phase involves iterating on the product, fixing issues, adding new features, and enhancing the user experience. The goal is to evolve the product based on actual user needs and behaviors.
From the response in the Collective community, we created the Business Launch Guide – our way of creating a path for would-be entrepreneurs to go from ideation to planning and execution.
We also partnered with Tom Scarda of the Franchise Academy and Samson Jagoras from Clearly Acquired to help veterans interested in opening a franchise or acquiring a business.
Offering new and better features will ensure our community members always have the best information and resources. It’s about continuously providing value to your customers and never resting on your former successes.
The final thing to remember is that this is not a linear process. You don’t make tweaks to the product then stop.
Not only do you repeatedly refine (small adjustments to make the product better), but you also loop back to the Think It stage to create entirely new concepts that open up new markets, provide innovative value, and keep your business relevant.
The military has a saying, “Complacency Kills.”
While no one may actually be dying in your line of work, this still holds true in business. How many times have you seen a company drift off into obscurity because they thought their product untouchable only to be usurped by a hungry underdog?
Developing a culture of innovation and having an iterative mindset as an entrepreneur will keep your company edging forward.
Think It-Build It-Ship It-Tweak It and Observe-Orient-Decide-Act will fix your focus on the horizon and position your company to remain relevant, while also remaining in touch with your customers.
This week's Harder Not Smarter Podcast episode:
In our latest podcast episode, Garry Banford, a former British Royal Marine and Sergeant Major of the SBS unit, delves into the gripping world of special forces, the rigorous selection process, and the relentless operations post-9/11. Garry opens up about his transition to civilian life and his journey into entrepreneurship, focusing on mindset, resilience, and the power of storytelling. He shares invaluable insights on leadership, self-awareness, and building psychological safety within teams. Tune in to hear Garry's inspiring story and his vision for balancing work, family, and impactful coaching in the years ahead.
Whenever you're ready there are a few ways we can help:
Business Launch Guide: We'll take you from business ideation to execution in as little as 30-days. Having a clear plan and checklist dramatically improves your success as an entrepreneur. Get yours and start today.
Vet Collective Community: There is no better way to succeed in business than having a trusted group of entrepreneurs to support you on your journey. Sign up for webinars, digital content, group forums, and more.
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Kevin Seiff & Greg VanDyne
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