To make your startup successful, adopt the MVP principle

The product plays a key role in the success of a startup. Experts say that startups take off like rockets when they adopt the MVP principle while formulating their strategy. MVP stands for Minimum Viable Product. Currently, many companies have adopted this strategy and are achieving great heights. Learn what an MVP is and how to implement it.

Things You Will Need

• N/A

Method

What is an MVP?

In simple terms, it means creating a product for a company that is cost-effective, attracts customers, and is available to them at a low price, while also being a great basic product.

Why is it important? An MVP

It's not a final product. It's a company's foundational product. The purpose of launching it is to understand market demand and gather customer feedback. Customer feedback helps shape the final product, saving time and money. For example, a company launched its first basic ride in one city. For this, multiple features were not launched, which was successful.

How do you create an MVP?

■Experts say that to create an MVP, first determine the goal you want to achieve.

■Instead of including a large number of features in the product, include a few unique and most important features. Create a video of this. Establish a system for feedback related to this. Google Forms or WhatsApp services may prove to be a good option for this.

■Now, test the product first with 25 to 50 users. Gather feedback and pay attention to their needs.

■Before launching, consider whether it aligns with your business goals and how much feedback you have incorporated from users. Keeping these things in mind will definitely result in an excellent MVP.

Understand the Basic Problems

When developing an MVP, consider what problems or suggestions most consumers encountered during testing. Similar suggestions indicate how much change is needed in the product. These changes are what improve the product.

Understand the Competitors

Research the competitors' strategies for the product you want to launch. What strategies are they using, or what changes have they made from time to time that consumers liked and what they didn't. Researching will surely reveal many new insights. This will help you decide what to do and what not to do.

Reduce Product Costs

Many companies have cut their expenses to reduce product costs. They first deliver the product to customers and then generate significant profits. This can be illustrated by the example of the giant company Airbnb. The company's founder started his business from home, meeting people to educate them about the product. He developed a website that could educate as many people as possible about the product and the property. This led to a large number of paying guests. He achieved success right from the start.