What is Minimum Viable Product (MVP)?
Let me take the definition of MVP from “The lean startup”.
According to lean startup “A Minimum viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” — Eric Ries.
Ok did you understand anything from definitions ?
Maybe “Yes “ or Maybe “No”
If you didn’t understand anything from definition, same thing happened to me when I first read “The lean startup” book.
Let’s me explain you MVP terminologies.
The “Minimum” part of the MVP is about efforts, which often translates into the number of features the MVP should have to succeed. The problem is it’s difficult to quantify what the minimal set of features should be.It is based on what you are trying to bring to market.
The “Viable” part means the MVP should churn in profits. If you are serving your customers with your MVP, they should be paying for the service. In fact, it’s one of the main reasons for building an MVP — to get paying customers.
The “Product” is the least controversial part: everybody knows what a product is.
So, taking into account the importance of all three components, an MVP app will be a application that requires the least efforts to build and includes just enough functionality to get your customers to subscribe or pre-order the full-featured version of the app
Why minimum product?
With minimum product you can enter market and get customer feedback and learn and implement or modify your product based on customer need.
Thanks to Eric Ries for bringing minimum viable product .
If you have not read “The lean startup” by Eric Ries yet please read it, it is available in amazon.com
Keep reading my article and I welcome feedback from all of you.
Thank you
Akshitha H
