As per the statistics, more than 90% of the start-ups fail. The whole idea of MVP is coming as a solution to the modern business idea sustainability.
The main reason behind adopting MVP is to test the product idea in the real market. At the core of MVP development is the design for failure: a product must be designed in such a way that even after it fails, the product development cycle is not disrupted.
The minimum viable product gives you the opportunity to see if your idea is working. You'll get valuable feedback from users, and this will tell you if you're headed in the right direction with your product. But don't forget that people who try out new products are often an unrepresentative sample of your total potential customer base, so you should take their advice tentatively—disregarding it if necessary.
Also remember that early adopters tend to be enthusiastic and forgiving, so they may not have realistic expectations about what you can offer them from the start.
Depending on the project, developing a Minimum Viable Product (MVP) can take 3-4 months. The chart below shows how long it takes to develop MVPs for different kinds of projects:
|Project Type||MVP From||Average Time|
|MVP for Startup||1 Month||3 Months|
|MVP for CRM||2 Months||4 Months|
|MVP for ERP||4 Months||7 Months|
Regardless of the industry, customizing the concept to your business goals and target customers' needs will affect the time it takes to create a Minimum Viable Product. Backend as a Service can help streamline this process.
In order to reduce the amount of time it takes to build an MVP you should:
- have a clear understanding of the problem that you are trying to solve, as well as how you will approach solving it
- should also target a specific audience for your product
- make sure that your product's features either meet or exceed those of your competitors'.
You must find the defined outcomes from the stage marketing research and concept analysis as mentioned below -
- An in-depth knowledge on market and competition analysis
- A well-outlined Unique Value Proposition
- Complete idea for the product
While it is not necessary to create a fully detailed mockup of the product's user interface, it is important to create sketches of key views so that you can understand how they work together and how they look.
Challenges to Build an MVP Quickly
While every business and product development team seeks to build a minimum viable product (MVP) as quickly as possible, several challenges can stand between the idea and its execution. We have identified some of these common challenges here:
1. Expanding a project's scope beyond its original boundaries
"The kitchen sink syndrome" is a condition in which a project's scope expands beyond its original scope. This typically happens when the process of continuously improving a project's requirements as the system is built continues throughout the life of the project, resulting in significant cost increases.
The longer you take to plan your entry into the market, the more features you may add to your product.
2. Difficulty to Define the Minimum Value Proposition
Scope creep is a common problem in software development projects. For example, many startups create their Minimum Viable Products with the goal of keeping it as simple as possible and neglecting to include critical functionality. This happens when companies do not focus on what is of value to their audience, often because initiatives fail to adequately identify what constitutes added value for their target audience. A one-wheeled vehicle is not useful for the consumer; instead, a scooter is more appropriate.
3. Inexperienced Team
Even though many entrepreneurs believe that they can build an MVP on their own, this is an unrealistic undertaking. It's critical to work with a dependable IT partner who can provide competence and a lean strategy as well as experience with fast-launching digital goods. As a result, you'll be confident that the team composition they recommend will match your evolving demands.
Whether you're a startup or Fortune 500 company, we want to help you succeed. That's why our team focuses on MVP. We want to develop a plan of action that will set your business apart from the competition, and give us a roadmap that ensures success for your project. It isn't enough to develop software—we want to build a product that people are eager to use. If you're looking for help with strategy and development, we'd love to chat.