Inspo: https://www.linkedin.com/feed/update/urn:li:activity:7089997831469420544/

Introduction

In the competitive landscape of entrepreneurship, turning a great idea into a successful product can be a challenging task. It is important to focus on a variety of crucial steps, allowing you to prepare, execute, and adapt within the market. To increase your chance of success and reduce potential risks, you may want to consider creating a Minimal Viable Product (MVP).

What is an MVP

An MVP is a development technique that allows you to introduce a product with the most basic set of features necessary to attract early adopters. The primary purpose of an MVP is to test the market, gather feedback, and validate assumptions with minimal resources.

The Benefits of Building an MVP

  1. Minimizing Risk: by launching a scaled-down version of your eventual product, you minimize financial risks and avoid wasting precious resources on a fully developed product that may not meet the markets demands.
  2. Valuable Feedback: developing an MVP provides an opportunity to engage with early adopters who provide valuable and unique feedback. This allows you to improve the product based on outside opinion.
  3. Efficiency: in the competitive landscape existent today, speed matters. Developing an MVP is much faster than a fully developed product, allowing you to enter the market quickly and gain a competitive edge.

Real World Cases

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Airbnb: what is now a $90 billion dollar company started out as a simple MVP. Airbnb was a one-page website that didn’t even have payment options. The initial product was simply built to test market interest and see if there would be users for the product. After gaining a few prospective customers and valuable insight, Airbnb’s MVP helped them become the global accommodation giant it is today.

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Dropbox: this $10 billion dollar company started out as an MVP. Dropbox founder, Drew Houston, came up with the idea out of a personal struggle to find accessible storage space. In the early stages of building his MVP, Houston was able to generate interest and garner feedback to improve the final product.

Helpful Tips When Building Your MVP

  1. Define the focus & keep it simple
  2. Embrace the journey of learning
  3. Build Your MVP logistically