MVP Your Ideas

Importance of MVP to companies

What is MVP?

When you first hear the word MVP, you probably jumped to conclusion that it means “the most valuable player” referencing to the NBA sport award. In coding, MVP means Minimum Viable product. In similarity, MVP presents the best player and the best of the product.

Let’s break down the word MVP to find context meaning. Many companies come up with different ideas and some ideas receive better feedback compared to others. To encourage companies to commit to an idea, companies produce a small or miniature of the idea with minimal time and expense. When an idea or product is produced and tested, it works meaning it’s viable. Together MVP stands for Minimum (small) Viable (work) Product (idea).

MVP = Minimum + Viable + Product = small + work + idea

Minimum Viable Product is an important component to companies because it helps determine if an idea should go into full scale production or if the company needs to rethink its ideas without a major loss of time and money. Using MVP can escalate the decision on ideas.

Example of MVP is like building a tiny house to see if it can stand on its own and then building a 1500 square footage house that someone will be living in.

Who uses MVP?

Product managers are responsible for creating new ideas and products. Product managers use MVP to access if an idea works. If the product works, the company can make profit and its main priority is to make money. Without money, companies cannot thrive and people will not have jobs.

In conclusion

MVP is vital to companies because it helps companies determine if an idea or product is worth investing the money and time. MVP helps product managers eliminate ideas that customers are not interested in. It can get difficult if a company does not use MVP. They can potential keep adding ideas to products that may lead.

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