All companies in the market seek business perfection, that is, financial balance, relevant profits, brand recognition, etc. But reaching the stage of success for an entrepreneur has another kind of vision, that is, launching a perfect product is practically a mistake. Learning from the learning curve and continuous improvement are key for anyone starting out.
To follow this method, it is important to build a simpler and shorter version of a product, using as few resources as possible to deliver the main value proposition of the idea, concluding: work with an MVP (Minimum Viable Product or minimum viable product). This concept emerged very strongly in the innovation and startup market, focusing on testing the product and learning as the solution develops. Next, we will present some important concepts to work in this format.
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1. Seek continuous improvement
By implementing your product with customers in the market, it is possible to assess the demand and existing needs, that is, the viability of the business is clear. Even if the product is not yet completely ready, testing possibilities is key to achieving success. Monitoring the use of the solution brings a learning curve and identification and shows if it is worth persisting with the idea, as well as realizing what needs to be improved as users use it.
2. Investment control
Launching an initial product has a lower cost and strategically brings a user usability experience. With these conditions, it is simpler to understand where it is important to invest and what changes should be made.
3. Benefits of working with MVP
The advantages are:
the product can be launched to the market in a shorter time;
it is possible to test the demand on the product, before releasing the fully complete version;
implementation costs are cheaper;
capital loss in case of failure is minimized;
the test serves to draw conclusions about what has been working well and what can be improved;
monitor customers more closely and analyze their behavior and preferences in relation to the product.
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4. MVP x Prototype
MVP focuses on the business, while the prototype focuses on the technical understanding of the product. In summary, working with the MVP brings the possibility of identifying the viability of the business and improve according to planning and strategy. When we have a finished product and the objective is to evaluate its operation in a technical way, we start working with a prototype. The MVP is a product or service with few features that customers can still use, but this rule does not always apply to prototypes.
5. MVP in large companies
amazon
Currently, Amazon is the global retail giant, but of course Jeff Bezos' company didn't start out that way. In fact, in the beginning, the business was just a website selling books at affordable prices. In addition to the business model itself being an MVP for the gigantic e-commerce that Amazon has become, the website design was also launched. as a Minimum Viable Product, with a simple format that presented some information from the books and a field for the customer to finalize the purchase. Today Amazon brings together a portfolio of thousands of products, selling to the whole world on a website focused on user experience.
Airbnb
The world's largest real estate company's first product was the rental of a sofa in an apartment in San Francisco. With this MVP, the startup founders were able to test and assess whether there was a demand for renting houses, rooms and apartments. As soon as they made their apartment available to guests, Brian Chesky and Joe Gebbia received interested parties and, in a short time, they realized that the business idea was in demand.
By Nova Educate
Source: Brazil School - https://brasilescola.uol.com.br/clube-do-empreendedorismo/cinco-conceitos-sobre-mvp.htm