So what is an MVP? MVP stands for a minimum viable product. According to Lean Startup principles, MVP would be a promising starting point. Minimum viable product is aimed to solve customer's problems with very basic design and functional features. The point of successful MVP building is to keep the balance between usability and efficiency.
Your main objective is to create an app that shows its potential and is able to provide significant benefits to its users so that they could keep it long enough on their devices. MVP will allow you to improve the way application looks and feels through updates. Early adopters' feedback is really helpful in building the final full-featured product and for adding more features. The approach of MVP building allows your business campaign to minimize development time and costs and maximize learning pool.
Numerous successful startups began their winning way from building MVPs. Dropbox, Twitter, Groupon and many more are among them. Each of them had different ways of representing their product or service to public. Dropbox's MVP, for example, was introduced to the audience in the form of a video that showed how to use an app.
If you are lucky to experience the first outcome, then you can move forward following your business strategy, adding functionality to your software and solving more customers problems and needs. On the other hand, if your MVP fails it's time to feel happy that you have made the right decision of creating MVP solution rather than having invested a lot of money and time in a fully functional product.
As to software development putting all eggs in one basket may turn into failure strategy. Moreover, out of MVP failure, the entrepreneur can make right conclusions: to learn from previous mistakes and make changes into the product that will meet customers needs.
infographic by: www.cleveroad.com