The dream of building a startup and getting it running is appealing for a budding entrepreneur. Thousands of success stories in entrepreneurship can be considered prominent reasons for starting up your own business. However, let’s take a look at the dark side! Many startups have also failed with considerable loss to investors. So, where do these startups fail? Was it the lack of a new idea or lack of investment?
In most cases, most startups’ failure was the lack of foresight on the market they wanted to cater. When the market doesn’t need your product or service, the startup is destined for doom. Therefore, an MVP or Minimum Viable Product development plays a crucial role in defining your new business idea’s feasibility in your target market. The following discussion dives into the benefits of an MVP and challenges associated with it.
What is MVP? And What does it achieve?
Before a reflection on the benefits of an MVP, let us know what it is. A Minimum Viable Product is more of a prototype containing only the bare essentials targeted at solving customer’s problems. Developing an MVP helps collect feedback about a particular product or service from users before moving towards product development. The primary objectives of developing an MVP are,
1. Evaluation of the viability of a product at a lower cost
2. Ensuring faster product delivery with assurance of solving least possible problems of user
3. Reducing the expenditure on