Yashchuk

What is an MVP and what does it do?

The common understanding is that developing an MVP means creating an app with a minimum set of features and waiting for users to get back to you with their feedback. If this feedback is promising, you start working on the actual product. One of the main reasons to build an MVP is that the cost to develop an MVP isn’t high, and thus the stakes are low. But guess what? An MVP might also fail, as it’s possible that there’s something wrong with the whole idea behind the product.

How not to make your MVP a rocket that will never take off

Here are some common MVP mistakes to avoid. 1. Unclear business model One of the most common MVP mistakes startups make is having an unclear business model. A lot of entrepreneurs prefer to focus on implementing the latest technologies before worrying about basic business considerations. They assume they can think of business benefits later, once there are enough users to monetize. But this strategy is likely to fail. 2. Features, not interactions This mistake stems from the previous. Often, while developing an MVP, startups count the number of features, prioritize them, define a killer feature (whatever this may mean), and end up creating a cool app that nobody uses. Instead of pumping your app with great features, focus on enabling interactions among users. Not providing users with tools to form groups around shared interests was the main reason MySpace was overrun by Facebook. Facebook offered a much better platform and tools to users, while MySpace failed to provide the social element of social networking. 3. Spending too much money According to CB Insights, 29 percent of startups fail because they run out of money. Remember Everpix? They failed to distribute their budget properly. The creators wanted to build a fully working app all at once. However, good software doesn’t come cheap. Verge, after conducting a bankruptcy analysis of Everpix, stated that the company spent almost all of its $1.8 million in funding on the development process. You can avoid all of these mistakes if you take a thoughtful approach to MVP design.

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  • Company:Yalantis

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    Yalantis

    What is an MVP and what does it do? The common understanding is that developing an MVP means creating an app with a minimum set of features and waiting for users to get back to you with their feedback. If this feedback is promising, you start working on the actual product. One of the main […]

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