Last week, we discussed what a minimal viable product (MVP) is. Today’s topic will concentrate on common misconceptions concerning MVPs and what we’ve discovered based on our experience with start-ups:
I need to build the best and complete version of my technology solution
Remember what the “M” in MVP stands for? It’s “minimal.” When it comes to building your MVP, this is precisely what you should do. Entrepreneurs and Innovators are always optimistic and enthusiastic about their product idea, and they end up investing way too much prior to the launch of the initial version of the solution.
Narrow down to the core features of your MVP, validate all your assumptions and understand if each feature delivers the real value to your potential customers.
Nice to have VS core functionalities
Most start-ups make the mistake of focusing on the “nice to have” features rather than the core functionality of the product.
It is recommended that start-ups should concentrate on 2-3 key functionalities of the product. The goal is to grab your users attention and show them that your product delivers real value and problem solving.
I must build the MVP first before speaking to customers
When building your MVP, it is important that you focus on solving the most pressing issues your customers have.
Therefore before you build the solution, you need to get direction from your customers on what needs to be built to ensure that you’re building a worthwhile product that your customer needs.
Once you have done the research by speaking to your potential customers, use the information gathered as a blueprint to build your MVP
Customers will come running if I build and launch the product.
The moment you think that once you build and launch your product, customers will come flooding in to use it, then you’re in for a big surprise. Some founders are being misled by a few potential customers who promise to use the product once it is ready. However, when dealing with a Business to Business (B2B) solution, you need to take into consideration the procurement process, existing or currently signed software agreements, integrations to existing solutions, etc.
Notice how authors, artists, car manufacturing companies, cell phone companies, etc., create hype about their upcoming new products. You will need to do the same as well. If you have done research with a significant number of potential customers, you have a better chance of getting a large number of early adopters for your product.
Now that we’ve covered the most common MVP misconceptions that we have encountered, let’s wrap things up by figuring out how to do it correctly. Create an MVP with the goal of identifying the problem, identifying your market and potential customers, validating your problem by speaking to customers, focusing on building the core functionalities of your product, and lastly, finding a business model.