Common MVP Myths Busted
What is an MVP?
An MVP (Minimum Value Product) is a product with just enough features to be used by an early set of customers who can provide feedback for future product development. It allows startups to build an early version of their product that can be sold to raise some funds.
Regardless of the advantages that comes as boon to startups when MVP development services are done, people still have some misconceptions.
So let us bust some of the most common MVP myths and misconceptions surrounding it and understand why all business/startup consultants recommend building an MVP.
Common MVP myths
1. MVP needs to be a success
It is the biggest misconception surrounding MVP development, that an MVP doesn’t have to be successful.
The whole idea behind building an MVP is to make a product and be ready to fail, thankfully, at the early stage. Failing will allow you to understand which features work and which don’t work. Also, this allows you to pivot and make changes to your product at an early stage.
As it is said by top business/startup consultants, it is better to fail early and often than to fail in the later stages.
2. Every feature is needed
It can get tempting to add all the features to your MVP to make it successful. But, remember that an MVP is needed to test your idea at an early stage and allows you to make changes to it according to user feedback.
If you add all the features to your MVP, firstly it would take too much time to build an MVP with all the features. Secondly, if your MVP isn’t a success, it would be hard for you to pivot since you’d have invested so much time and effort into it. Here, you will be best guided by trusted MVP development services.
3. Only Add Affordable Features to MVP
No doubt, an MVP is supposed to have a limited number of features, but adding only those features that you can afford will only make your effort futile. Build an MVP with a core set of features that you want to test. Here, the focus should be on product value validation.
4. The more features are added, the better
It is a common misconception among entrepreneurs. It is not a good idea to add more features, as features only tend to confuse customers, making it difficult to test what features work and what not. It will also make it difficult for the customers to understand the product and the startup’s concept.
5. MVP considered as final version of the product
As mentioned earlier, an MVP is not the final product. The basic concept of an MVP is that it is a product that is tested continuously and further improved based on the testing and user feedback received.
Conclusion
There are many misconceptions about Minimum Value Products, and it’s important to know what they are before starting MVP development. Otherwise, you could end up wasting time and money on a product your customers don’t want or need.
So, don’t get misguided by the myths and misconceptions surrounding MVP development; otherwise, why would business/startup consultants recommend it.