Minimum Viable Product (MVP) is one of those business terms that are thrown around to help entrepreneurs and businesses understand their business and its direction better. What exactly is an MVP though, and what critical role does it play in setting up your business?
MVPs are products or services that you are able to provide to your early adopters that are sufficient for them to find appeal and value in what you do and differentiate you from your competitors. These then often get upgraded or improved as needed moving forward with the feedback provided from these early users.
Without a minimum viable product, startups will have great difficulty finding what differentiates them and what their specialty is, which could result in poor branding, lack of clarity in staff, and presenting a low quality of products and services - not having a strong sense of who you are and what you do may result in quick and frequent pitfalls, which will be difficult to keep up with and solve effectively.
Whether you’re starting a new business, going through a re-branding, or introducing new projects in your established business, make sure to find your MVP with your team and/or with the help of professionals to set yourself up for success.
Your JP team.