This is why your MVP matters

entrepreneurship minimumviableproduct May 29, 2020

Your minimum viable product (MVP)

Are you interested in becoming an entrepreneur, running your own business, or finding new ways to generate income outside of your paid employment?

If so, then the concept of a minimum viable product (MVP) is worth taking some time out to consider and understand.

The idea behind your MVP should be to bring a new product to market quickly and before investing too heavily in the development of it, in order to garner feedback from potential early adopters or other customers.

Listen to the market

Your MVP needs to be functional and well-enough designed to add genuine value to the user in order to make the process worthwhile.

If you can execute the process well this can be a cost-effective way to accelerate your learning and to adjust, tweak, or develop your product quickly.

This can help you to avoid the risk of sinking thousands of dollars and valuable time into a product which either doesn’t work or is not genuinely in demand in the marketplace.

Zero to launch

Launching a MVP can be an invaluable way to validate the greatest amount of learning and feedback about your product or service with the lowest cost and least amount of effort expended.

And once you have a customer that’s prepared to share their details with you and pay for your product…then you’re off and running.

Of course, there is a risk of imitation by others when you bring your MVP to market, so typically speed and agility are important, as is the ability to listen carefully to the feedback from the marketplace.

I’m personally investing in a tech startup that we’re building at the moment, but your MVP doesn’t have to be in tech just because that’s what’s flavour of the month.

It could be anything from a coaching service to a live event, or anything from a subscription blog to a monthly newsletter.

I discussed these ideas a little further in the short video here

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