Creating an MVP: The Art of Small Steps

Here’s what the US Bureau of Labor Statistics tells us about the survival rate of private sector establishments:

• 20% of new businesses fail in the first year.
• 34% of businesses close within the first two years.
• More than 50% of businesses remaining after the second year close by the fifth year.
• Only 30% of businesses cross the 10 year threshold.

Startup founders face great disappointment when, after months of exhausting work and large sums of money spent, their company fails to withstand the fierce market competition.

However, there’s a simple way to assess the viability of a business idea.
Financial and technical concerns along with the risk of failure led entrepreneurs to develop the concept of a minimum viable product (MVP). An MVP is a simplified version of a fully functional product. An MVP is the cheapest and quickest way to receive initial feedback from users so you can improve your product.

In this article, we’ll highlight the top reasons for developing a minimum viable product and the benefits of an MVP. We’ll also outline how to build an MVP and clarify what level of “minimum” it should be, discuss common mistakes while building an MVP to help your idea survive despite today’s cutthroat business climate, and introduce you to some inspiring examples of successful MVPs.

MVP goals

Building an MVP for your product achieves these goals:

1. Prove the viability of your idea.
   To be successful, a product should first of all engage users by solving one priority problem. A minimum viable product allows you to find a balance between what you’re offering and what your users want. This allows you to prove the viability of your hypothesis before creating a full-fledged website. Launching an MVP allows you to figure out how strong users’ desires are to find, install, and use your product — and to share positive reviews about it.
2. Cut development time and costs.
   While building an MVP, you focus on a short list of features, a simple design for your app, and solving a problem your target audience has. This approach enables startups to launch with less money, time, and effort and quickly find initial customers. The purpose of building an MVP is to present your idea even with a lean budget.

Want to read about all the MVP goals and the steps you should follow to create your MVP? Check on the full article: Creating an MVP: The Art of Small Steps