MVP! Wondering what this term means?
You have a startup business idea. You sit with your business partners and investors, decide a business model, discuss the pros and cons, work on the business model and then finally launch it. So much toiling and so much time investment. Even after working so hard there is no assurance that your business model will be a hit in the market. And you also forgot the main element that will decide the fate of your business – the customers!
So here is where the concept of MVPs come into picture. Instead of being rejected by a group of investors and discussing so much about one business plan, you can directly introduce your business plan in the market and let the customers decide. This is the MVP or Minimum Viable Product concept, in which business entrepreneurs introduce the customers to a business plan, make them give feedback and decide whether to continue with the plan or think about a new one.
Sounds stupid? You might be thinking why to run a business on a trial and error basis and waste time in it. Right?
Well, looking at the below mentioned advantages may change your opinion.
Listen to Customers:
Customers being the king, play the main role in making your business soar high or get down. What you fail to understand is, you made a particular product for the customers only. So what better way than making them evaluate your business plan and accordingly redesign it. This will save you some bucks and also help you understand what is the need of the market. There is no harm. Through this you will at least know what changes are to be brought in the existing plan, or the plan has to be completely discarded.
Because you are still testing your product, it eliminates the risk of you incurring much losses and also the risk of a failing business. And when you launch a business model after gaining the customer’s feedback chances of its failure decreases manifold.
So, MVPs are definitely a major game changer in the startup world now. “Can a product be built” is not the question, instead “Should a product be built” is.
Winding up here, Pick My Story will be back with some more exciting information. Meanwhile, do let us know your views by leaving your thoughts in the comments section below. Stay tuned!
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