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:
- Lack of demand
- Inability to outperform competitors
- Uninteresting product
- Ignoring customers
- Loss of focus
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 TeamsWhat Is an MVP for?
MPV is essential for people who want to develop their startups. It helps avoid numerous mistakes:
- You will study the viability of your startup without spending a lot of time, effort, and funds on it. If you see that users are not interested in your product, you can move in other directions.
- You will better understand your users. You will know if users need your creation, and if they do, then how they will use it.
- You will see what you have worked on sufficiently and where changes are required. Due to negative feedback, your startup or its parts may have to be redone entirely.
- If the MVP product launch is prosperous, you will get the first earnings and clients long before the final version is done. So, you will quickly return your investment and find people who are more likely to become your regular clients.
- In addition, users may not need some of the features you wanted to spend a lot of time and effort on. Therefore, it will decrease expense and time and let you concentrate on what your clients need the most.
How an MVP is Created and How Long the Process Takes
The order of actions may change depending on the market, team, and niche. Most often, work is divided into eight stages:
- A description of the problem the product will solve. It helps understand what a user will expect from the MVP.
- Determination of the target audience segment the product is being created for. Working for a broad audience is a mistake. Instead, it is better to focus on a small group of buyers.
- Analysis of competitors. The study is carried out to understand if there are similar solutions on the market and whether something unique can be added to the MVP to set it apart from competitors.
- SWOT analysis. An express analysis is used to assess the potential of an idea.
- Building a map of the client’s journey. The actions that a client has to take to use the MVP.
- Selection of the main functions of the MVP. These are the only functions that help solve the user’s problem.
- Creation of an MVP. MVPs use Lean, Scrum, Kanban, or Extreme Programming methodologies in development.
- MVP testing. The product is offered to real users, feedback is collected, and the MVP is finalized, taking into account the opinions of consumers.
When the MVP is fully developed and all the planned features added, it is already a promising product.
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