What is a Minimum Viable Product and How to Build an MVP for Your Startup

7 Benefits of MVP

Apr 24, 2018 · 5 min read
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MVP meaning

Circumstances might be different for you, but you see, time goes against you. When someone has already gained success, you’re just thinking about it. But no matter where you are, now is the perfect time to launch a product. Why? First, you are eager to roll the dice while you’re reading this. Second, that has probably been on your bucket list for years. It’s time!

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What does MVP stand for

MVP stands for minimum viable product not minimum viable prototype. As prototype serving a narrow purpose is not a product. There might be lots of similar prototypes of one product.

Benefits of MVP

Over years of building MVP for our business partners we realized that most of them have a distorted image of minimum viable product. They mostly tend to overbuild the first release of a product. Their goal is to simply to differentiate themselves from the competition. But this just takes more time that could been spent on exploring user’s reaction and improving the product. So with an MVP we increase the product’s success chances. Here’s what it actually gives:

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1 Brings focus on the core value proposition

With MVP you have to define your value proposition clearly and narrowly. That gives you an opportunity to define goals, needed functionality, and spend time and money efficiently.

2 Reduces remakes

Extra features may only complicate user experience. Keeping it simple will guarantee minimum remakes of the product features.

3 Builds relationships with customers

First users may provide you the needed feedback on the desired changes or additions. This will improve your product and might create a community of users.

4 Defines critical drawbacks

It allows to find weaknesses fast and improve it. It will ensure you that all the functions work properly before going further.

5 Spends money efficiently

As the product development cycles are iterative, there is no need to search for a huge amount of money at once. Over time you can invest your own money, if at first you used someone else’s money.

6 Changes the world

Only new ideas qualify as MVP, so it requires to make a difference towards what was before.

7 Saves money

In the end, if your idea is proven to be a failure at least you haven’t spent a lot of money!

How to Build an MVP for your Startup

First decide whether you need to build an MVP. If you already have an audience and this product is another way to expand your business, then you might not need it.

1 Preparation process

That’s where you brainstorm your ideas and when it’s chosen you check its chances to become successful. That’s the stage where you put your idea into documentation and define what your product actually does.

2 Hiring developers

Developing a minimum viable product requires experience. If you decided to go this path, then it is time to hire a professional development team. It is better to start smart and go with the skilled ones — well, once again saves time and money!

3 Designing the prototype

Here’s where the real thing begins. It is a step closer to the MVP. Excited? Here you need to be proactive before the testing phase begins. Once it’s build, you have something to be tested, reviewed, and analyzed.

4 Building MVP

This is the stage where you actually finish your MVP, when you have gone through some first users experience and lots of experimentations. Finally it is ready for the market. What a relief!

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What you need to do now is commit your future several months to creating the minimum viable product. By the way, we’ll be happy to lend a helping hand, as we already did it before.

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