Building a Minimal Viable Product (MVP) is the fastest way to engage with the market and find out how it responds to your product. MVPs focus on getting the product ready as soon as possible, rather than offering a complete set of features.  Traditional product development — where you create a fully-featured product before shipping it — is virtually obsolete. That’s because with that approach, companies were running out of money before finishing their product. And many realized they wasted months on developing features nobody cares about. With an MVP, you save money and let users guide your product development. You can rely on real-world data instead of untested assumptions.  But now that you have decided to go with an MVP, how do you actually go about developing it? Planning for an MVP That Is Actually Minimal MVPs follow the mantra “keep it simple”. If Word is Microsoft’s fully featured product, then Windows’ Block Notes is the MVP. Both software do the same thing in a nutshell: they allow you to write, create documents, and save files on your computer. But Word has a host of advanced features (many that the average user won’t ever use) that Block Notes doesn’t. [...]

An MVP (Minimum Viable Product) is a product development philosophy based on fast market feedback. You build just enough of your product for it to perform its core functions, and then start selling it immediately.  This lets you engage the market way quicker than with traditional development where you only ship a product when totally completed. You can then use the market’s feedback to build the rest of your product or abandon it if there’s no interest. According to a report from cbinsights.com, 38% of startups fail because they run out of money, and 35% fail because the market didn’t care about their product or service. That’s because they burned money to create a product that the market doesn’t need. Costs burgeon when you waste time developing features for a product nobody wants. And that’s what makes MVPs so valuable. If the MVP fails, you won’t waste years and thousands of dollars to create a dud. But if the MVP sees some success, then you know you are onto something. 5 Ways You can Save Money on an MVP Spending money wisely goes a long way in the modern business climate, even if you have lots of funds.  An MVP [...]