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.
His clients were people of their 40s and more with a high income and who were really ready to spend a lot of money for a customized figurine.
Finally, he founded the proper one and spent 1.5 months to make it well equipped.
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.
Why do you need a minimum viable product?
Every new business is born out of chaos. Three-quarters of enterprises do not go past the initial stage, which is also the most decisive one. Whether you survive or go under depends on how well you steer through the troubled waters of startup. And that’s exactly where a minimum viable product (MVP) may be your beacon.
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.
On average, an incredible 30,000 new mobile apps are submitted for review and hosting at the Apple App Store every month.
It is a considerable number, and it says a lot about the importance of technology, the industry focuses on mobile applications and broadly convinces us for believing that mobile app development companies are vigorously active and they mean nothing but business.
Irrespective of how well a start-up scales itself or tries to limit the focus of resource allocation, the ultimate objective of every start-up is to be as profitable as possible.
So, the monetary aspect or the budget of any start-up leads us to a critical choice which every product-based start-up has to make.
Whether a startup should go with MVP or EVP?
It requires a comparatively more massive amount of resources and also delays the launch or increase time-to-market for any product.