How to Create a Minimum Viable Product (MVP): Best Examples and Key BenefitsDmitryCEOMVPProduct GuideHomeBlogEntrepreneurshipHow to Create a Minimum Viable Product (MVP): Best Examples and Key BenefitsPublishedFeb 14, 2019UpdatedNov 26, 202139 min readAs an entrepreneur, you may eventually come to the point of planning a startup and launching your software product. Initially, you only have the idea of the project. What’s next? MVP development for startups is something that will help you at the beginning. You will learn what it is from this article. But first, some statistics. In 2020 the failure rate of startups exceeded 90%. And Euler Hermes’ latest research is even more disappointing. It shows that the number of global business bankruptcies will have increased by 15% by 2022. Can you guess what the reason is? It is a lack of demand among the users in the market. That’s why when you have a brilliant idea, do not rush building a fully-featured product and spending months on hard work. There’s a more efficient way to initially understand whether your idea will be required in the market. And this implies developing a minimum viable product (MVP). This popular approach in startup product development will help you test your business idea and save both time and resources. This way, you understand what users need and can create an offering that they are ready to pay for. Thanks to this article, you will know how to define a minimum viable product. You will also learn all about the MVP approach. We will start with the definition of this term and take a look at the best minimum viable products built by famous companies. Finally, we will provide you with a step-by-step guide on how to create a minimum viable product.
Thanks to this article, you will know how to define a minimum viable product. You will also learn all about the MVP approach. We will start with the definition of this term and take a look at the best minimum viable products built by famous companies. Finally, we will provide you with a step-by-step guide on how to create a minimum viable product.