First time entrepreneurs often make the mistake of building way more than they should. Passion for a particular idea/ dream company can be a good and bad thing. If passion is not tempered with process and data it can end up wasting valuable days, months, or even years of a person’s life. Fortunately the Minimum Viable Product (MVP) exists to assist entrepreneurs rapidly test ideas/ business concepts.
A MVP is the slimmest version of a product that can be delivered to a target customer and provides value. The purpose of an MVP is to test an idea. If through the creation of an MVP assumptions can be validated than an entrepreneur has solid ground to continue building. If core assumptions cannot be validated then results provide the entrepreneur solid ground to kill an idea and not feel bad (why should they if the idea was tested).
In the next couple of posts I’ll share tips to get to an MVP out as fast as possible for both a tech startup and a startup in the manufacturing/ fashion space. Generally speaking the minimum viable product process cycle involves taking an idea, building something, measuring what is built, learning from data that is measured, and then iterating on the idea or killing the idea.
The details to build an MVP vary from vertical to vertical but the process and end purpose are the same…to conclude if a business concept can be a viable, sustainable, and scalable business.