HOW TO PLAN A MINIMUM VIABLE PRODUCT

In the year 1999, a young boy named Nick Swinmurn desired a pair of shoes. He went to a mall close to the home he lives in, but regrettably, he was not able to find the kind of shoes he wanted, he was disappointed. Then thought to himself, if the physical store could not satisfy him due to their obvious limitations and incapacity, an online store should have an edge where the traditional store failed; hence he wanted to build an MVP.

He decided to sell shoes online and that is how another whole idea came to life, the concept of MVP was created. What he had to do was plan a minimum viable product. Rather than administering across-the-board and pricey market research, he designed a basic website. Then, he went to a shoe store, got pictures of some shoes available for sale, and placed them on his site. On receiving the order, he purchased the shoes from the store and shipped them out.

Although he wasted money on every sale, it was a dumbfounding way to try out a business idea. Once he found out that customers are willing to purchase shoes online, he started to turn his idea into a fully operative business. Nick Swinmurn structured a company, Zappos, which would later be acquired by Amazon for $1.2 billion. You too can start simple like Nick and use various online resources to learn how to build an MVP.

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WHAT IS A MINIMUM VIABLE PRODUCT (MVP)?

An MVP (Minimum viable product) is an elementary, launch-ready version of the product. The product supports minimal and essential features– this capacity remains its MVP–Minimal Value Proposition. A company creates an MVP to enable faster time to market, draw early adopters and exert a product-market force in an early stage.

Once the company launches the MVP, the team waits for an initial feedback. Feedback is the whole essence of your decision to build an MVP for an app. They will help a lot in fixing all bugs and replace old features with new, better, and more useful ones, especially as the early adopters suggest.

With the MVP approach:

You can make an early market introduction — securing the competitive edge
Early experimentation of the idea with actual users — to examine whether you can solve their problems economically
You can operate expeditiously towards developing a matured product — based on user feedback and suggestions

PURPOSE OF AN MVP (MINIMUM VIABLE PRODUCT)

The goal motivating an entrepreneur to develop a minimum viable product should be launching a product in the shortest time possible, based on that unique idea, with a small budget. This know-how allows you to collect users’ feedback for the primary product and comes in handy in future iterations. By creating a minimum viable product, one can locate the right audience, draw the ideas based on experience, and save time.

Making an MVP app connotes finding the correct balance between what your business is bringing to the table for the potential consumers, and what they need. The designated end product of the MVP is its ability to test the idea by minimizing errors and eventually eliminating them. An MVP helps in collecting maximum quality feedback, by targeting specific groups, or types of users.