5 Reasons Why Developing an MVP is Essential For Any Project
We all know the stories about successful startups like LinkedIn, Whatsapp, Instagram, and many others. The truth is, though, most of the newly launched projects fail, and according to this post, 29% of the startups run out of money before they are even complete. In this article, we will review why developing an MVP is essential for a successful startup business.
But what is MVP?
MVP stands for Minimum Viable Product, and the idea has been made widespread by two big names in Product Design – Steve Blank and Eric Ries (the creator of “The Lean Startup” book that teaches us how to create an MVP)
As a business, you want to get off the ground as quickly as possible. But what if your MVP is more than just an unfinished prototype? An MVP represents the minimum viable product development that brings value to your customers. Some people believe MVPs should be bare-bones versions of the product — perhaps with fake graphics or minimal functionality. The reality, however, is that creating a minimum viable product will be an actual product, not some demo version which is why it is pivotal to know how to build a minimum viable product.
In their article on how to create an MVP, Topflightapps team covers the issue of misunderstandings between developers and business owners on what MVP actually is. Nevertheless, to understand the concept let’s dig deeper into the benefits of developing working MVP and launching it on the market.
What makes MVP development so crucial?
Developing an MVP saves time and money.
When you plan a minimum viable product, you should always consider the resources you can afford to throw in.
The rule is simple: the more features a product has, the more expensive it is to build. It is because, for every additional function, you will have to pay. But don’t forget that programmers also take time to write the code.
So, to make it simple – the more time the code takes, the bigger the expenses. Creating an MVP for a startup solves the equation by cutting the coding time, thus reducing the costs.
Test the waters
Startup founders adore their projects and often think that their products will sell well. However, the truth is that what the founders think of their startup and what the clients’ opinion is on the product might differ significantly.
Every startup is fighting for customers, and their approval of the product is a make or break. Instead of spending many sleepless nights creating a product that might not even have a warm reception among users, developing an MVP will help you find out what your clients like and what needs improvement.
According to Fundera, 14% of the small businesses and startups fail due to not matching their clients’ needs.
Early adoption and first paychecks
The faster you launch, the more time your potential clients will have to test and purchase your product. The first customers of yours might not invest a lot into your business but will guide you with your direction, and most importantly – they might finance the next step of the product development.
The first adopters of the product are crucial – they are the Brand Evangelists of your business, and if you meet their expectations – you will become viral.
While it’s essential to have a product roadmap, feedback is one of the most critical elements that can help you make good decisions. It pains me to see startups think they have all the answers and plow ahead with their plans.
If you’re listening to your customers, you usually know what exactly they want. Given a choice between an unwanted feature and no feature at all, customers will pick the latter every single time!
Attract interest from investors
Attracting interest from the investors is the bread and butter for each startup.
When it comes to pitching an investor, many startups often find themselves at a loss for words. An MVP will present the most precise picture of what your startup’s product will look like and how it will work in action, making it easier to capture an investor’s attention. In addition, it allows you to show your product or service to potential investors instead of just explaining it verbally or on paper.
Let’s not forget the reasons mentioned above – if your clients already purchase your product and give feedback, you are already a step ahead. On top of that, it will build trust among your investors and make them confident that you are not “Just Another Guy with ideas” but an actual entrepreneur willing to step up and deliver.
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