In order to build a start up, it is always important to find product market fit. One of the ways to do this is to build an MVP and launch it. This article explores how to build an MVP, which should be the first step to building your startup.
What is an MVP?
Definition: An MVP stands for a Minimum Viable Product – not Most Valuable Player!
An MVP is the first version of your product, with condensed functionality and a small set of users, think of it as a prototype. The simplest, most basic version of what it is you want to create.
Building an MVP is a crucial part of building a lean process or a product. This means designing and building it with as little redundancy as possible.
How to build one?
1. Research
Say you have thought about the start-up you would like to create. The first thing to do is your research. This does not need to be an elaborate, 3-month long process where you deploy the scientific method to ascertain how accurate your hypothesis is.
Speak to your potential users, and if you don’t know who your users are: Houston, we have a problem. You should not be developing anything unless you know who you are targeting.
When thinking about a business idea, there are two key questions you need to answer
- What is the problem I am trying to solve?
- Who is looking for this solution?
Once you have answered these two questions, lock them down and don’t compromise on them. Remember this diagram:
