How can an MVP Lead Your Startup To Success?
There is a common perception that startups become successful and profitable overnight. People usually think that startups come from nowhere. But, in reality, it is a hard work to embody an idea and win general recognition.
Let’s think about popular platforms we use in our everyday life. How did such apps as Facebook, Airbnb, Uber, or Twitter become so popular? Do you remember what they looked like when they just launched? Facebook was a student directory featuring photos and some basic information. Airbnb was just a website that was providing accommodation for those attending a design conference. TWTTR, which is now known as Twitter was an SMS-based group-messaging platform.
One of the reasons they became that popular is because they started as an MVP.
So what exactly is an MVP?
An MVP is a term that stands for a minimum viable product. It is a simplified version of your final product that contains only the most important elements. An MVP is a functional product you can launch on the market and understand if people like it. If they do, you can improve your product and look for investors.
An MVP helps to reduce expenses and monitor users’ acceptance. It also allows entrepreneurs to test the market, without losing too much budget. This strategy is the best way to determine if your potential clients are ready to pay for the product when it gets fully developed.
An MVP is like a beta version of your product. It has the key elements, solves the problem, but keeps things to a bare minimum.
But how to find out which features should be added in the very beginning and what can be saved for later? It’s a reasonable question that has an answer. There is a method called MoSCoW that will help. That is how it works:
- Must Have — These are the features your product cannot live without. You must definitely use them in your MVP
- Should Have — These are the features your product really needs. You should add them as soon as possible, maybe even in your MVP, if budget allows.
- Could Have — These are the features that are interesting, but can wait. Add them in further updates.
- Won’t Have — These are the features that you are unsure about. Save them for later or leave them.
How can an MVP improve my product?
I prefer to think of an MVP as a trial period. It gives a chance to try out different approaches and see how they work, without burning a hole in your pocket.
An MVP development should have limits in time and budget. In terms of timeframe, the mobile or web development of an MVP should not take longer than 2 weeks. Limiting your timeframe to only a couple of weeks is a great way to stay focused on the most important parts of the product and not to get lost in the details.
The first thing you need to do is to set a clear goal for your MVP. It shouldn’t stand from the one that you final product already has. Then, you need to focus on the aspects of the product that will generate profit. And by profit I don’t mean financial gains, but rather responses and feedbacks. Remember to always be customer-oriented. Your users have a lot to say and their responses are important for your product success.
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