If you have an idea, but don’t have enough resources to convert it into a full-fledged product, then Eric Ries has introduced the concept of ‘Minimum Viable Product (MVP)’ for you in his bestselling book—The Lean Startup. An MVP is a product with crucial features released to test the viability of the business idea and gauge reactions from early adopters. The primary objective of MVP is to receive feedback and pre-orders before investing a hefty amount of funds in it.
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Bottom line
It’s often difficult for entrepreneurs to believe that starting with MVP is the best way to create something that will provide value to millions of users one day, but the above case study has proved it.
Citations :
Power Words :
- Viability
- Demographic
- Peer
- Capital
- Adopters
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