Launching your own startup can be both exciting and risky and while it is true that there is no reward without risk. One can always reduce the risk in as many ways as possible and one way to do this is by building and utilizing a Minimum Viable Product (MVP), as it considerably lowers the risk factor and maximizes learning.
If you don’t know what a minimum viable product is, then this guide is perfect for you as not only will we tell you about it but will also give you tips on how to build a minimum viable product and will also tell you how you can come up with your own minimum viable product ideas and by the time you finish this guide, you will be well on your way to developing your own MVP.
What is a Minimum Viable Product?
A Minimum Viable Product (MVP) is the most basic version of a product that can solve a crucial problem for initial users. The term was first coined in 2001 by entrepreneur and blogger Eric Ries in his book The Lean Startup. The main focus of an MVP is to test the core functionality of a product and gather as much feedback as possible from users using the least amount of time and resources.
In essence, the MVP is designed to:
- Solve a specific problem for its users.
- Validate the assumptions on which the product is based.
- Collect user feedback for future upgrades and development.
So, all in all, the purpose of an MVP is to create a basic version of any given product, introduce it to the market in the least amount of time and with minimal resources, and gather as much feedback as possible.
How to Build a Minimum Viable Product?
While the MVP in itself may be the most basic version of a product, its design and creation still require a lot of thinking and refinement of ideas, and here is a step-by-step guide to building your own minimum viable product.
- Identify and Validate the Problem: You start by identifying a problem that your product can potentially solve and you do this by conducting market research talking to potential users of said product and validating that the problem exists and that there is a customer base for a solution.
- Define the Value Proposition: Once the problem has been identified and validated, it is time to value proposition, which means you will explain to potential customers how your product can help them and why should choose it over your customers.
- Prioritize Core Features: The next step is to cut the cost and reduce development time and this is done by only putting in the most critical features that are sufficient for solving the problem. For this, you can use the MoSCoW framework (Must Have, Should Have, Could Have, Won’t Have).
- Form a Lean Team: Once the ideas are in place you will need a team to transform them into an actual MVP and a team usually involves developers to handle technical features, designers to ensure that the product is user-friendly, and marketers to market the product and gather feedback.
- Build the Prototypes: This step is self-explanatory, as now you not only have ideas but also a team and all that is left to do is create your minimum viable product. For this, you might need to create multiple prototypes and test which ones work the best.
- Launch and Collect Feedback: The next step is to launch your MVP to a small group of people initially. This initial group of testers will give you feedback about the product identify any issues and even make suggestions for improvement and you can utilize this data in your main product.
- Iterate and Improve: The final step is to use the feedback to make improvements to the product, fix any bugs, and optimize its usability. This way your product can evolve to actually meet user needs.
How to Come Up with Your Own Minimum Viable Product Ideas?
Coming up with an idea for MVP ideas requires a blend of creativity, problem-solving skills, and lots of market research. You should not only be able to identify the gaps in the market but also be creative enough and have the necessary skill set to create your own MVP to bridge that gap and this is how you go about doing that.
- Focus on Your Own Pain Points: Some of our best ideas come from our own experiences. Every day in life we experience problems and inconveniences and if we reflect on them and put some creative thinking into it, we can come up with ideas to efficiently and effectively solve these problems. This way we can use our personal insight to create a minimum viable product.
- Look for Market Trends: As explained before keeping an eye on emerging market trends is extremely important, especially in this day and age, where technology is continuously evolving and quality of life and sustainable living is of utmost importance. So, identify such trends, pinpoint any gaps in the market, and try to fill them.
- Simplify Existing Solutions: Reinventing the wheel is never a good approach and if there is an existing solution for a problem you don’t need to invent a new one. But what you can do is simplify this existing solution. Take the current product and find ways to improve it, simplify it, and of course make it more cost-effective.
- Leverage Your Skills and Resources: When brainstorming ideas, rely on your own expertise as much as possible and it is never a bad idea to utilize your own resources. Building your own minimum viable product takes considerable time and effort and the first person to put in that time and effort should always be you.
Conclusion
To conclude, after reading this guide you should have a pretty good idea of what an MVP is and how to build a minimum viable product of your own or at the very least how to come up with Minimum Viable Product Ideas. Always remember that an MVP is a very valuable tool as it not only helps with problem-solving but it also helps your startup to grow and expand and eventually your business to scale.
