What is a minimum viable product and why should you start with one

What is a minimum viable product and why should you start with one

In this post, we'll talk about minimum viable products (MVPs) and why they're so important. We'll go over what an MVP is and how you can use it to test your ideas on real customers - all without spending a lot of time or money!

MVPs are small lean products that you can get started with quickly. Shopify is a lean resource that lets you do just that!

A minimum viable product is the smallest thing you can build that delivers customer value (and as a bonus captures some of that value back).

A minimum viable product is the smallest thing you can build that delivers customer value (and as a bonus captures some of that value back).

If you’re not familiar with the term MVP, here are three definitions:

  • Minimum Viable Product: A product with just enough features to satisfy early adopters.
  • Minimum Viable Product: A product with just enough features to test your hypothesis.
  • Minimum Viable Product: A product with just enough features to gather feedback.

There are two different types of minimum viable products - an internal one and one for real customers.

A minimum viable product can be created in two different ways: internally, to test the idea within your organization and make sure it’s something that you want to pursue; or externally, with real customers who will pay for it.

An internal MVP is faster to build because you don’t have to convince people outside of your team that they should work on this project with you. However, an external MVP will help determine whether there really is a market for what you're building and how much people will pay for it. It may also give you valuable feedback about how to improve the product before releasing it publicly (and spending more money).

Internal MVPs tend to be focused on learning and are less concerned about making money from their users at first. External ones are more focused on learning as well as making money from their users right away.

MVPs allow you to collect real data to test your products.

By building an MVP, you can start to get real data about your idea, and figure out if it's even worth pursuing further.

Building an MVP is a great way to test your idea and get feedback from real users. It allows you to see if people actually want what you're building, and show them how it will benefit them.

When you build an MVP, you're not necessarily trying to create something that looks exactly like the finished product. You're just creating something small enough for people to use and ideally pay for. You can then run tests with these users on how they use these early versions of your product and find out what they like or dislike about it. This will help guide the direction of future development efforts upon completion of the full-sized version of your product.

Start with a specific problem in mind when creating your MVP.

When you begin crafting an MVP for a new product, it's important to define the problem that you're trying to solve. Try thinking about the problem from the user's perspective and then from the business perspective. Next, consider what problems might arise from technical limitations or financial restrictions that could inhibit your ability to create a good solution for your users.

The more thoroughly you can define this problem, the more likely it is that your MVP will actually solve something meaningful for someone other than yourself.

MVPs allow you to test your idea without investing too much time or money into them.

An MVP is a great way to test your idea before investing too much time in it.

One of the biggest mistakes entrepreneurs make is spending months or years working on an idea, only to realize that it's not going to work. They discover this when they finally launch their product and no one shows up, or worse: people show up but don't buy anything. This can be a very painful process because they've invested so much time and energy into something that doesn't actually solve any problems for anyone! The good news is that you can avoid this by setting up an MVP first.

Conclusion

If you’re thinking about building a new product or service, then MVPs can be a great way to get started. They help you get real data about your idea, and figure out if it’s even worth pursuing further.