How to find the minimum viable product for your company

When starting a business, your first goal should be to find a product or service that will be able to meet your consumers’ needs and solve the problems. However, this requires many tests. There he comes in minimal viable product. But do you know what it is and how this concept came about?

The Minimum Viable Product comes from English, minimal viable productor MVP, which means exactly that, a product capable of it run It is functional with the least possible effort and allows the entrepreneur to test his concepts. In this way, possible errors and problems can be corrected until reaching the final version.

That concept creates and disseminates the work Lean startup, by writer and consultant Eric Ries. The book is used by entrepreneurs starting in startup scenario as it presents a more cost-effective business concept that aims to reduce costs to make the scalability indices more competitive in the market.

The search for the minimum viable product

That objective of the minimum viable product is to test the hypothesis. Keynote Speaker CEO Selma Prodanovic explains that this is an essential medium to test. “You develop a prototype to see if your idea works and, above all, to test it on the market,” he says. In addition, Prodanovic names other goals of the MVP: finding strategic partners and also verifying the production potential of the company.

It’s precise To mark what the name says but sometimes goes unnoticed by entrepreneurs. The MVP cannot be scaled down or a cheap prototype. The product must be viable, maintain quality, gain an initial audience, and demonstrate its advantages over the competition when the final version is launched.

In an article published in The next webCrew founder Mikael Cho agrees with this idea. According to him, the construction of a minimally viable product save time and moneybut this is not an open invitation to produce something inferior.

Therefore, you should ask yourself whether this product has the necessary quality To solve the Problem the customer. Starting from this principle and keeping this issue in mind throughout the process, it can be easier to prototype your business.