This article by Jason Cohen contains some great tips on how to get started with your (hobby) project.
With SLC, the outcomes are better and your options for next steps are better. If it fails, that’s OK, it’s a failed experiment. Both SLCs and MVPs will have that result because the whole point is to experiment. But if a SLC succeeds, you’ve already delivered business value and you have multiple futures available to you, none of which are urgent.