Misunderstood Concept of Minimum Viable Product(MVP)

MVP

Minimum Viable Product – MVP is a way to demonstrate about the product that how this will function with just the core functionality only, nothing else.


MVP is nothing but depicting the concept, sharing the idea with your audience,
gaining early feedback and getting vision for full-fledged product.


Some points should be considered before starting work on MVP

  • Focus on core functionality
  • Development of MVP should not be planned for more than 6 months.
  • Don’t invest too much in MVP
  • Be aware about your target audience
  • Do not plan the complete product – Keep adding items to backlog
  • Demonstrates the concept and future benefits to reserve the early adopters
  • Note down your learning from MVP
  • Early time to market
Because correctly executed and planned MVPs are win-win opportunities whether they are accepted or not accepted in the market as you gain either of them:
  • They either save you from spending your hard-earned money and investing time, which could have been a waste
    OR
  • They can give you a confidence in the success of the product to get fully involved in further planning — a sustainable product complete in design and development.
Conclusion: MVP is a strategy to evaluate market potential of a product concept with validated inputs and minimum efforts, time and cost as you are selling a vision to the visionaries but not to everyone.

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