5 Easy, doable steps to build a Minimum Viable Product for your startup idea

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5 Easy, doable steps to build a Minimum Viable
Product for your start-up idea
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(No Transcript)
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• In 2011, Eric Ries released his book called The
  Lean Startup, which helped new entrepreneurs
  grasp the basics of launching a new business,
  with minimum effort.
• Among other aspects mentioned in the book, the
  term Minimum Viable Product or MVP has become one
  of the most popular startup theories that is
  helping budding entrepreneurs and traditional
  businesses to successfully launch new businesses
  without much overheads and expenses.
• In this blog, we will explain 5 easy, doable
  steps to build a Minimum Viable Product for your
  startup idea, and how to jump right into the
  thick of the action.
• But first, what exactly is MVP, and why should
  you think hard about this concept?

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• MVP Your 1st Step Towards Entrepreneurship
• Minimum Viable Product or MVP can be described as
  the basic version of a product, which has the
  minimum features required to validate your idea
  about the product and to enable the early
  users/adopters to experience it, and provide
  feedback.
• The sole purpose of an MVP is to validate your
  startup idea with minimum efforts and offer
  customers a fully functional product that can
  help them to review it, and provide feedback.
• A very good example of MVP can be Amazons
  initial website, which was mainly launched to
  gather inputs about Jeff Bezoss eCommerce idea.
  Amazon, which is the world's largest eCommerce
  website, launched its website for selling only
  one product Books.
• Once the validity of the idea (online sale of
  goods) was established via books, Jeff ventured
  out into other products, refined the idea based
  on the feedback, and the rest is history.

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Main purpose of MVP is...?

• The sole purpose of an MVP is to validate a
  startup idea with the least effort.
• Three most important questions that an MVP helps
  to answer
• Do customers need your product?
• Can you create repeat customers of your product?
• Are people willing to pay for your product?
• With a cleverly designed and conceptualized MVP,
  you can easily get these answers, and based on
  the answers, you can decide to scale up the idea
  and invest more money into it.

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• MVP removes all the extra baggage of bells and
  whistles associated with the product idea and
  helps you develop a basic, skeleton form of the
  start-up idea.

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5 Easy, doable steps to build your MVP

• Here are the 5 easy, doable steps that can be
  used to develop, build and launch your MVP for
  your start-up idea
• Step 1 Find out the problems you will solve for
  your target audience
• First and foremost, meditate hard on the set of
  problems that your MVP will solve, for your
  target audience. Here, the keywords are problems,
  and a target audience and equal focus should be
  provided for both.Between a product and the
  market, its the market thats the most important
  any day and this is the reason you should
  identify your target audience (your market), and
  decode the problems that your MVP will solve for
  them.
• Remember, your audience should need your product,
  and once that happens, the battle is already won.

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Step 2 Scan your competition thoroughly

• In the next step, figure out how big your market
  is, and how fast it is growing. Has any venture
  capital funding been done in the market? Who are
  the major competitors who are trying to solve
  this exact same problem?If you find several
  competitors, having the almost same business
  model, then dont lose hope The more the
  competitors, the bigger is the market, and there
  lies your potential to break the status quo.
• Tools such as Alexa, Crunchbase, AppAnnie can be
  used to gauge the competition and to determine
  how big is your market.

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Step 3 Create bare minimum but functional User
Experience

• Now, the core of MVP has to be developed, and
  that means conceptualizing and developing user
  journey, user flow, and eventually bare minimum
  user experience that is fully functional.For
  example, if your start-up idea is about booking
  air tickets, then the MVP should allow the early
  users to enter destination, date, choose
  airlines, and make the payment to book their
  tickets.
• Tools such as Figma, UXPin, Miro, etc can be used
  to create user-flow diagrams and prototypes for
  finalizing the user journey and the bare minimum,
  but fully functional user experience.

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Step 4 Develop core features for early users

• Once you design the user flow and user journey,
  you will have a better idea about the list of the
  bare minimum, but essential features that you
  need to incorporate in the MVP for making it
  fully functional.For example, in the above idea
  about the air ticket booking portal, the basic
  list of features that can be added are account
  setup, ticket price comparison, ability to search
  tickets, and book tickets, and maybe cancel
  tickets.
• It can be a bit confusing and sometimes
  overwhelming to finalize the list of features for
  your MVP, and a good way to make it simple is
  Think from the angle of the early users, and
  figure out how the features will help them solve
  their biggest problem (Step 1).

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Step 5 Measure, validate repeat

• Once the MVP has been created, launch it for the
  early users, adopters, who are your target
  audience. Collect as much data as possible
  regarding their feedbacks, opinions, insights,
  and more and then use that information to
  iterate, refine and then re-launch a better
  version of the MVP.And this way, you will
  discover the actual version of your product that
  is market-ready, and ready to be launched
  commercially.
• Need more help with building your MVP? Connect
  with our team at TechAhead- one of the
  leading app development agencies, and find out
  how our product development expertise and digital
  transformation skills can help you launch your
  start-up idea!

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Thank You

• Read Original Article Here
• https//www.techaheadcorp.com/blog/minimum-viable-
  product-for-your-startup-idea/