This video is pure gold, and encapsulates the core philosophy I write about regarding product development.
Launch fast, learn fast, iterate fast.
Don't spend a year planning and building - get something to the market fast, and start learning.
The faster you learn, the more likely you are to build something that people love before anyone else.
Tips for building an MVP:
Get those initial users, care about them, and work with them. If you solve their problems, you will build a great product.