In websites and mobile apps development, the concept of MVP is very important. You may have read a lot about them, but…What’s an MVP exactly?
Once you’ve come up with the concept of your product, many ideas for features to include in it will follow. Putting all those features together in one product would take a long time, and a lot of money too. And, since your product would be just in conception stage, it would be too risky to invest precious time and funding in its development.
MVP stands for Minimum Viable Product, a reduced version of your product built with minimal effort.
MVP stands for Minimum Viable Product. The goal is to build a subset of all those features you want in your product in order to reduce the time frame to launch it, while reducing the required investment. An MVP is a reduced version of your product built with minimal effort in order to validate it in your target market as soon as possible.
An iterative approach will allow your business to get feedback sooner and thus pivot quickly if the results are not as expected.
This would allow you to have actual customers test your product in your target market sooner, while spending less money and reducing risk of failure. What is more, you can take feedback from your customers to iterate and improve your product. An iterative approach will allow your business to get feedback sooner and thus pivot quickly if the results are not as expected. Building a smaller product that makes sense to customers, and improving it over and over again will prevent you from launching a high-level-risk final product. If you’re going to fail, do it fast and pivot. The path to success is made of failures – paraphrasing Richard Branson, Founder of Virgin Group.
To determine what your MVP should be like, you must think about which features are essential for a very first version of your product.The objective is to launch it quickly, validate your hypothesis and iterate. There’ll be time to address nice-to-have features and improvements later.
Building an MVP would definitely attract investors and venture capital to the business.
There is no doubt that any entrepreneur and startup manager should consider the fact that, given its cost-effectiveness and the possibility of an earlier launch, building an MVP would definitely attract investors and venture capital to the business.