An MVP (Minimum Viable Product) is the version of a product that just meets the minimum requirements to solve the initial problem of the venture. It should always be kept in mind that ventures are first and foremost problem-solving approaches and should never have the purpose of becoming particularly rich. Without a concrete problem to be solved, one should not start an enterprise. In this article we would like to give you some points that are necessary to plan an MVP.
- if an existing problem is solved, it is much easier to win customers or users, because it can be assumed that a certain critical mass also has this problem (this must be validated).
- existing problems make it much easier to design a product that deals with the problem.
1. Define your problem!
Which problem do you want to solve? Is it a rather simple problem or a complex one, where the solution must also be complex and deal with the different layers of the problem? Many young founders focus primarily on their product in their business idea and let themselves be guided by the entrepreneurial euphoria without effectively taking care of the problem itself. Things like a particularly sophisticated UI design or technical gimmicks have no place in an MVP!
2. Know your Customers/validate your assumptions
Business modelling should of course start at the beginning and be well thought out. In the end, a good target group analysis is decisive for the right approach. But a solid persona is not only crucial for marketing; the target group also determines the product. Once again, your product should solve a problem, so it is a good idea to talk to the people who have that problem. Ideally, this problem will also affect you, but it is important to talk to several people to get different perspectives. If there are several partial problems or if the problem is very complex, you should identify the fragments and break them down by importance. This makes it easier to implement the right features at the right time.
3. Be lean
As it is very important in the startup world to be very fast, these steps should also be done quickly but conscientiously. But you should always remember not to become too perfectionist. Better done than perfect.
4. Define your top features
In the end, this point goes hand in hand with the last one, but since an MVP is by definition the minimal equipment of an actually large product, it is all the more important to underline this again: Define your top features. What exactly is needed to represent the service or product you have designed? Depending on the subject matter of the project, you should limit yourself to the most important features and implement them only in such a way that the user has a good experience and little time is needed for development. What exactly makes the product?
5. Choose the right tech stack
Sometimes it is better to validate your idea by creating a simple landing page with a email list implementation, so you can see if there are people interested in your product. Sometimes it is better to come along with an finished MVP to give users a product to use. We help you brainstorm this point and others so you can be sure your business kickoff is done right.