Most of the products that don't turn out to be a success on the market started as great ideas initiated by passionate founders. When one comes up with an idea, they always assume the market looks at it the same way they do. However, unfortunately, people only pay for products/services that solve a problem they care about on a daily basis. So, if your great idea doesn't solve any of these problems, they won’t be likely to pay for the product/service you are creating.
So, how does one know whether the market is willing to pay for their product? A couple of decades ago, the first step while starting any business was getting business analysts on board to do a market survey to determine the viability of your product on the market. The problem with entirely relying on market survey information to build a product is that people don’t usually have a clear idea of whether they need a product before they practically use it. This particular problem is what led to the concept of building a minimum viable product (MVP).
In this article, we will share everything you need to know about a minimum viable product and explain how to build one step-by-step:
• What does MVP mean?
• Features of an MVP
• Why build MVP
• How to build an MVP step by step
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