What does MVP really stand for [and the recipe for doing it right]

In order to enter the market with a new proposition, it is worth spending time on testing, learning, and improvement.

The main point here is to follow the step-by-step approach that includes the following stages:

This is a common thing when the company gets the project idea and wants it to become a reality.

The idea is an inevitable part of any product, but what’s more its purpose should be concerned first of all.

Every professional MVP development company knows that it is not the easiest but really important stage for careful consideration.

The improvement stage concentrates on testing and learning the quality to reach the initial goal.

When Elon Musk founded SpaceX with a dream to colonize Mars, few believed that in ten years the company would disrupt the whole industry. His approach to building rockets is called iterative development (and it can help you make better software).

Instead of developing a huge (and expensive) spaceship that could take humans to the Red Planet, he chose to build a smaller rocket and iterate on the design.

Falcon 1 became the company’s Minimum Viable Product (MVP). Its first launch ended in a disaster – the rocket blew up over the launch site on Omelek Island.

Following two more failures, Falcon 1 finally became the first privately-built rocket to deliver payload into the orbit.

The lessons learned from early failures were used to develop Falcon 9, which in turn became a part of Falcon Heavy. Its maiden launch was a tremendous success with two side boosters landing simultaneously at Kennedy Space Center and Musk’s personal Tesla Roadster flying off into the orbit.

All of this would’ve been impossible without iterative development.

Why do you need a minimum viable product?

Every new business is born out of chaos. Three-quarters of enterprises do not go past the initial stage, which is also the most decisive one. Whether you survive or go under depends on how well you steer through the troubled waters of startup. And that’s exactly where a minimum viable product (MVP) may be your beacon.

In a simple phrase, an MVP meaning is a product, which includes minimum features, or one main feature.

Well, there are lots of reasons, and the main is that customers can start using it before the overall product appears.

Thus, a user gets acquainted with the idea or concept of the future, more complex product and even can influence on its development.

In such a way, the product owner can create an app, which satisfies his and customers' requirements.

Yet, lots of startupers are prejudiced against such development method.

They are frightened that they won't be able to show the overall idea with an MVP model.

Before getting into the details of building a Minimum Viable product, or MVP, let us briefly look at what a Minimum Viable Product is and how it can help your business?

As the name suggests, a Minimum Viable Product involves building a product with only the bare minimum and most essential features that many companies launch in the marketplace as a testing tool.

The advantages of a Minimum Viable Product are manifold.

So the question you need to ask yourself is- how to gain maximum insight with minimum efforts?Step 1: Observe the MarketIn other words, indulge in market research.

You rush to execute it as you think that the sheer brilliance of your idea is enough to make it an instant success.

Hold surveys, look at market trends, observe your competitors.

4 years ago, my friend Michael decided to quit his job and start making figurines.

He was going to rent an office in order to make a reception for clients and in the nearby building there was his workshop.

His clients were people of their 40s and more with a high income and who were really ready to spend a lot of money for a customized figurine.

Finally, he founded the proper one and spent 1.5 months to make it well equipped.

We have created a tool that will help you with it.

About half a year before this story, my other friend Peter decided to open his own business – a small cafe.

As businesses are continuously trying to find ways to compete in the marketplace, using Minimum Viable Product (MVP) Strategy is a way to get applications created using feedback from its users as fast as possible.

While many businesses want to try out new ideas, they also do not want to spend a fortune on development when there isn’t a guarantee that it will take off.

MVP allows businesses to fully develop their idea quickly without cutting corners.

Using this strategy helps to build a solid all-encompassing plan quickly before the product is fully developed.

Using a traditional development strategy could lead to feature issues within the product and how customers use it.

This type of feedback is often what shows the direction the product needs to go in.

MVP is the first target version of your dream product. They consume less time and less cost. But what comes next after MVP?

As you agreed that you’re building an MVP, this means you should not prolong the development stage.

At first, you need to make sure what your target customer is exactly looking for. Since you cannot lose the idea-gems just because it is not the perfect time.

It is better to postpone the extra features and add them after the MVP becomes a success. You can prioritize and put them in an order you want to build them.

Since, most startups feel that after the MVP is ready and validated, they will start working on the final product and everything will settle in their favor.