Road to Entrepreneurship - MVP

Road to Entrepreneurship - MVP

A minimum viable product (MVP) is a product with just enough features to satisfy early customers and provide feedback for future product development. The development of MVP allows your team to validate (or invalidate) product assumptions and learn how your target users react and experience your product’s core functionality. This approach will provide insight into properly allocating your budget to satisfy your overall business objectives. Building an MVP is an iterative process designed to identify user pain points and determine the appropriate product functionality to address those needs over time. You must have heard of thriving companies like Uber, Dropbox, and Zappos. They all started as MVPs and then gained power and influence. These examples prove the advantage of developing an MVP.

An MVP is a smart way to:

● Release your product to market in the shortest time. 

● Reduce implementation costs. 

● Test the demand for your product – before releasing a full-fledged product. 

● Avoid failures and large capital losses. 

● Gain valuable insight into what works and what doesn’t work. 

● Work directly with your clients and analyze their behaviours and preferences. 

● Gather and enhance your user base. 

In essence , MVP development should like that

MVP Development

1. Virgin Airlines: Virgin Airlines is one of the largest British airlines operating internationally that was established and is owned, by Richard Branson. What was the minimum viable product for Virgin Airlines? It was just one route and one plane flying between Gatwick and Newark.

2. Yahoo!: What was the MVP product for Yahoo? Yahoo was represented as an MVP website, a single-page website that contained a list of links to other sites. This was a sufficient amount of functionality to satisfy the users and retain early adopters of the system. Today, the system is the second most popular search engine in the world. 

3. Airbnb Airbnb: was started as a concierge MVP. Back in 2017, there was a great design conference in San Francisco. The Airbnb team decided to offer their cheap accommodations during this event and posted the information on a simple website. Within a short period of time, 3 guests were interested in paying for this minimum viable service. This supported the market insight that potential customers would be willing to pay to stay at someone else’s home rather than in a hotel.

 4. Foursquare: Foursquare is another good minimum viable product example. In 2009, when it was launched, it was a simple app allowing people to check-in at a certain  place. No special design, no special functionality, just a single-feature minimum viable product. Today, it has 55 million monthly active users and 7 billion check-ins total.

5. Facebook :In late 2004, Facebook was the definition of MVP on social media. Users had a simple profile and a great opportunity to connect with their group mates. This one feature was enough to provide an awesome boost and turn a small project into one of the largest public tech companies in history 

Steps to Build an MVP:

Now we all know the importance of Minimum Viable Product. Here are a few steps to make an efficient MVP:

1. Market Research: Some times it happens that ideas do not fulfil the market needs. So in order to ensure that conduct surveys and keep an eye on your competitors and their offerings. 

2. Express your Idea: What value does your product offer to its users? How can it benefit them? Why would they buy your product? These are important questions to keep in mind to help better express your idea. 

3. Consider the design process and user flow: While defining user flow focus directly on its primary goal. As Zappos is an online shop that sells shoes, its main goal is to allow users to buy shoes online. For this, you need to define process stages and for defining process stages you must focus on basic tasks. 

4. List the project features: Ask questions like what do my users want? etc. and prioritize features of your product. 

5. Build your MVP: After deciding the main features, create your MVP and keep in mind that the MVP must fulfill your customer needs. 

6. Build, measure and learn: After completion of the product test it with quality assurance engineers. And after launching the product collect feedback from the users and start improving your product.

Now we have learned what an MVP is and how to built in our startup . Now we would head over on How to get Funding For Our Business.

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