When it comes to the life of an entrepreneur or startup founder their life is pretty glamorous – everything is up to you as you are your own boss, you start from scratch and create something from nothing, you get to realize your dreams, and you often have a bunch of disposable income that allows you to facilitate your startup with machines in your office for your employees. Minimum Viable Product (MVP) is your basic idea that is wrapped up in a number of beneficial features.
While some of the entrepreneurs succeed the same does not go with all others. The chances of succeeding in a startup game are not as great as some lead us to believe. There are a large number of reports that analyzed and poured the success rate, and most cite percentages that range from 50% to a worrying 10%.
Although the failure rate is high as compared to the success rate still we can attempt to increase the rate of success by figuring out various ways and strategies.
Creating a Minimum Viable Product (MVP) is one of the most efficient, valuable, and time-saving ways of tasting the sweet, collective tangible feed from a wide range of users, and validating the idea will add to the count of increasing the success rate.
{.. An Entrepreneur’s Approach to the pre-Launch period is a thin line between his failure & success…}
MVP in the Nutshell
It does not matter how great your idea is, it must find its embodiment sooner or later. At this stage, you should remember that even great entrepreneur started from scratch. They had nothing except the idea they believed in, it was their high thought that craved the road to success. Starting with a small footstep will make you reach your destination miles apart. We recommend you gather your first steps in an MVP (Minimum Viable Product).
As it is important for the startup strategy it allows learning more about the product with less effort.
Some of the main parts to be included in your MVP plan are:
{…Minimum Effort, Maximum Learning…}
You need to identify the target audience for your business:
The success of the business depends on the customers. You need to understand your customers as it is one of the basic principles for your business growth.
You need to have the answer to these questions:
Which age group do they fall into? This info will help you to shape your content, design, and user experience to suit them.
Which social media and website do they use:
This information will help you at the time of launching your application and gain feedback. You will have a clear idea of their insight behavior. Let me highlight a great example of how this information is so effective. Are you aware of the Dropbox story? Before the launching of the Dropbox product, the founder, Drew Houston, released a 30-second video on Hacker News, which contained a large amount of his target audience. As a result, he captured over 70,000 email addresses of highly interested future customers for them to launch the product. This indicates that insight knowledge is beneficial to any business to a great extent.
You need to analyze the market:
After identifying the target audience, you need to analyze the market to spot new business opportunities and identify the business risks. The areas to be analyzed are:
Size of the market:
You need to know whether or not the market is flooded with apps like yours. If so you need to rethink and replant your strategy and you need to figure out nice alternatives and the undeveloped areas for a great outcome for your business.
Rivals or Competitors:
You need to know the rivals better and a clear idea of your product will help you figure out their marketing strategy and their mistakes so that you can build up a better business plan and improvise the actual growth of your business plan.
You need to validate your riskiest assumption
The riskiest assumption is usually your unique selling proposition which is validated with the help of a minimum viable product before investing everything in a business model that is rotating around it.
You need to select the right feature:
The features you select for your MVP will require to be the ones that are closely related to your MVP’s main goals – to test assumptions, validate ideas, user feedback, and your application’s potential.
You need to find the right technology partner:
To successfully take your MVP from the planning stage to creation, to post-launch development through to application support, you will need to contact a full-service team that will act as a Technology Partner and will work with you to boost your business process.
Tips to be noted:
If the chances of success for your startup are against you, then an effective plan, your MVP, and making the right decisions based on detailed research and facts will ultimately buy you a winner’s seat on the table of the competitive market and will add to the long-term business success.
