Minimum Viable Product (MVP)
Description
A minimum viable product (MVP) is a product with just enough features to satisfy early customers and provide feedback for future development. MVPs are typically used by startups and entrepreneurs to test their business ideas and validate their assumptions with real customers.
The goal of an MVP is to create a product that can be released to the market as quickly as possible, while still providing value to early customers. This helps to minimize the amount of time and resources that are invested in a product that may not be successful.
MVPs are typically developed using agile methodologies and lean startup principles. The development process focuses on identifying the essential features that are needed to create a viable product, and then iterating and improving on those features based on customer feedback.
Frequently Asked Questions
MVPs are important for startups because they help to validate assumptions and test business ideas with real customers, while minimizing risk and investment.
To develop an MVP, start by identifying the essential features that are needed to create a viable product. Then, focus on developing those features as quickly and efficiently as possible, while gathering feedback from early customers.
Yes, an MVP can be profitable if it provides enough value to early customers and generates revenue. However, the main goal of an MVP is to validate assumptions and test the market, not necessarily to generate revenue.
Dropbox started as an MVP that allowed users to easily store and share files online. The first version of Dropbox was developed in just three months and had limited functionality, but it was enough to attract early adopters and validate the concept.
Zappos, the online shoe retailer, started as an MVP that simply provided a way for customers to order shoes online. The first version of the website was very basic, but it allowed the company to test the market and validate the demand for online shoe shopping.
Further Reading Materials
"The Lean Startup" by Eric Ries
"Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days" by Jake Knapp
"Lean Analytics: Use Data to Build a Better Startup Faster" by Alistair Croll and Benjamin Yoskovitz.
