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Before getting into the details of building a Minimum Viable product, or MVP, let us briefly look at what a Minimum Viable Product is and how it can help your business?

As the name suggests, a Minimum Viable Product involves building a product with only the bare minimum and most essential features that many companies launch in the marketplace as a testing tool.

The advantages of a Minimum Viable Product are manifold.

So the question you need to ask yourself is- how to gain maximum insight with minimum efforts?Step 1: Observe the MarketIn other words, indulge in market research.

You rush to execute it as you think that the sheer brilliance of your idea is enough to make it an instant success.

Hold surveys, look at market trends, observe your competitors.

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As businesses are continuously trying to find ways to compete in the marketplace, using Minimum Viable Product (MVP) Strategy is a way to get applications created using feedback from its users as fast as possible.

While many businesses want to try out new ideas, they also do not want to spend a fortune on development when there isn’t a guarantee that it will take off.

MVP allows businesses to fully develop their idea quickly without cutting corners.

Using this strategy helps to build a solid all-encompassing plan quickly before the product is fully developed.

Using a traditional development strategy could lead to feature issues within the product and how customers use it.

This type of feedback is often what shows the direction the product needs to go in.

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Mark runs a real estate firm. He recently attended a business conference where he learned that he could close deals faster by creating a mobile application that lets potential clients browse through his property gallery without visiting the office.

He was excited about the possibilities that creating a mobile application could open for his business, but lost all that zeal when a friend told him that the cost of developing an app is high.

Without asking further questions or at least using a mobile app development cost calculator, Mark gave up his dream of creating an application for his real estate firm.

Well, many people are like Mark in the story above, they know that mobile applications can be an essential asset to their business but are put off by the belief that they would have to break a bank before hiring a mobile app developer.

4 years ago, my friend Michael decided to quit his job and start making figurines.

He was going to rent an office in order to make a reception for clients and in the nearby building there was his workshop.

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We have created a tool that will help you with it.

About half a year before this story, my other friend Peter decided to open his own business – a small cafe.

The whole startup world has become inspired by the idea of building Minimum Viable Products (MVPs) after Eric Ries popularised it back in 2008. It has become a trendy word in the tech world gradually turning into a misleading concept.

As a result, we have companies that are not willing to use the MVP approach as they don’t 100% understand it, experts who state the concept is wrong and clients who often get hot under the collar after the suggestion to try out a minimum viable product.

Сonsidering the fact that MVP remains one of the most important components when creating software, it would be unreasonable to drop it just because some people misuse the concept.

Let’s talk about why this lean tool becomes confusing, what mistakes you should avoid and, more to the point, what is the right way to build an MVP.

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