According to the statistics, 90% of startups fail in their first year of operation. 42% fail due to lack of demand, and another 17% fail because the final product is not simple and easy to use. Here are a few more reasons why startups fail:
Most failures could have been avoided at an early stage. Therefore, any entrepreneur should create MVP (Minimum Viable Product). MVP development for the startup is the simplest version of the development and has the basic functions of the future business structure and invention. It will confirm the value of the original idea or abandon it if it turns out to be unsuccessful.
MVP should be close to the finished version and give the right idea of the result. So, with its help, it will be possible to receive reliable market research data and understand where to develop further.Also read: Top 5 Automation Tools to Streamline Workflows for Busy IT Teams
MPV is essential for people who want to develop their startups. It helps avoid numerous mistakes:
The order of actions may change depending on the market, team, and niche. Most often, work is divided into eight stages:
When the MVP is fully developed and all the planned features added, it is already a promising product.
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