Save Time and Money: Tips on Minimum Viable Products
Starting a product based business? It’s smart to do market research before developing a prototype. In Episode 28 of the Be Helpful Podcast, host Gboyega Adebayo interviews Dr. Jason Romesburg, a doctor turned health beverage company business owner. In this clip, Dr. Romesburg shares with us his top tip in developing a minimum viable product or MVP for your startup business.
And here’s your ultimate guide brief on minimum viable products (make sure to save this).
A minimum viable product (MVP) is a product that has just enough features to be released to the market and satisfy early adopters. It is the simplest version of a product that can be developed and tested in the market to validate its potential.
The idea behind creating an MVP is to quickly develop a product that can be tested in the market to validate its potential before investing more resources into its development. This allows businesses to gather feedback and make improvements before launching a fully-featured product.
Why Create an MVP?
Creating an MVP has many benefits, including:
1. Testing the Market: An MVP allows businesses to test the market demand for their product. It provides a way to gather feedback from early adopters and make improvements before investing more resources into the product.
2. Cost-Effective: Developing an MVP is cost-effective as it requires fewer resources than developing a fully-featured product. This allows businesses to validate their product ideas without investing too much money upfront.
3. Time-Saving: Developing an MVP takes less time than developing a fully-featured product. This allows businesses to quickly test their product ideas and make improvements before launching a fully-featured product.
4. Focus on Core Features: An MVP allows businesses to focus on the core features of their product and avoid unnecessary features that may not be needed by the market. This helps to keep the product simple and easy to use.
How to Create an MVP?
Creating an MVP involves the following steps:
1. Identify the Problem: Identify the problem that your product is trying to solve. This will help you to focus on the core features and avoid unnecessary features.
2. Define the MVP: Define the minimum set of features that your product needs to have to solve the problem. This will help you to keep the product simple and easy to use.
3. Develop the MVP: Develop the MVP using the minimum set of features that you have defined. This will help you to test the market and gather feedback.
4. Test and Refine: Test the MVP in the market and gather feedback. Use this feedback to refine the product and make improvements.
Creating an MVP is a cost-effective and time-saving way to test the market demand for your product. It allows businesses to focus on the core features and avoid unnecessary features.
By testing the MVP in the market and gathering feedback, businesses can make improvements and launch a fully-featured product that meets the needs of their customers. Want to hear more of a real story behind this concept? Subscribe to the Be Helpful Podcast on Apple Podcasts, Spotify, or wherever you listen in. And, click here to watch the entire interview with Dr. Jason Romesburg as he candidly helps to demystify entrepreneurship when it comes to creating that first crucial step - the minimal viable product.
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