Skip to 0 minutes and 8 seconds An important step in your entrepreneurship journey is the development of an MVP, Minimum Viable Product. The main philosophy behind an MVP is to constantly keep an eye on the demand for your solution during the entire development process. This ensures that you feel fast and gain important insights early on. It can help to prevent unpleasant surprises as well as wasting time and money. It is only natural that when we develop a solution we think of something that we think is useful. But what about our users? Do they agree? By having a Minimum Viable Product we can test our core assumptions with users early on. Letting users interact with the bare functionality of our product
Skip to 0 minutes and 55 seconds may teach us three important lessons: The first lesson is about the practicality of our solution, can it be made? What will be the most difficult, time-consuming or expensive parts? Even if we use shortcuts or temporary solutions, are we able to develop the solution? And should we develop it all by ourselves, or should we get help? The second lesson is about the functionality
Skip to 1 minute and 22 seconds and use of our application: People may use our application in different ways than we expected, or for a different purpose. Observing how different users interact with our solutions can give us important insights. It may also help to guide us towards the functionality that we want to focus on.
Skip to 1 minute and 42 seconds The third lesson is about our users: The users that we had imagined might not be the one with the greatest need. By using our MVP, we may discover a variety of users, who all value our solution in a slightly different way. They may also have a different willingness to pay, with some being much higher than others. We can group all these different users into market segments, and then decide which one we want to focus on first. Having an MVP helps us to do this and that increases our chances of success in the long run.
Develop your MVP
Can you develop your Minimum Viable Product?
In this video, Zoe will talk about how to develop your MVP.
Share with your fellow learners your ideas about your MVP.