So you have just started your startup and understood a bit about The Lean Startup methodolgoy and you’re considering whether you should go for an MVP for your product idea or start building the complete product instead?
Answer to this question is relatively easy for those who belong to the agile school of thought
But, for the people who have spent good amount of their career working on conventional models of creating a product, this turns out as a difficult quesiton
The reason is simple – their logic says that MVP might be a good idea but their experience says that let us go with the conventional approach.
What to do?
Let us understand the reasons why an MVP might be good for your unique startup needs.
Reason 1: MVP allows you to quickly validate your product-market fit.
MVP is nothing but a product with two parameters. Minimum and Viable. The purpose here is not to build a product which has clean, reusable code which will win the price in local hackathon but to build somehting that has product-market fit. If you are 100% sure that your product will fit in the market then you can start building your product without worrying much about creating and MVP. If not, then you know what to do.
Reason 2: Eliminates Waste
MVP is a lean concept so you focus on building what matters and nothing else. No (or less) process overheads. Not a huge investment in fancy tools and no more unproductive long meetings. Your focus is not on making something big but your focus in on making a good enough product quick. The iteration cycle is shorter and even if your particualr iteration fails, your failure is small. Small failure = Small Setback. Big failure = Big setback.
Small is better than big
Reason 3: The Dollar Thing
If you have a huge list of features to be included in an unvalidated product idea then your will observe that more often than not your blood pressure remains high. Not a good thing for a startup founder
What if you have a ‘minimal’ list of features to be included in an MVP then you know that if you have got this small iteration right then there will be people who would want to invest in your startup. Well, this is easier said than done but imagine your confidence when you talk to potential investor where you have a validated product idea and you can back your idea with customer’s data.
It is so powerful tool to you as a startup founder, isn’t it?
Consider these reasons and see if your startup needs an MVP approach or conventioanl approach.
Our experience suggests that methodologies don’t matter, application of methodology matters. Methodologies are generic, their application can be unique and contribute a LOT in solving the problems in better fashion.
So, let us solve your busines problems in better fashion. Let’s discuss about whether an MVP approach is good for your startup or not. A competent advisor is just a skype or phone call away.