The Ultimate Guide for Building a Minimum Viable Product (MVP) [Step-by-step]
Entrepreneurs have long been familiar with the idea of a Minimum Viable Product (MVP). The idea, introduced by Eric Ries in his famous book The Lean Startup, provides a scientific approach to building a working product with the most important features to launch something in a market.
The idea is most commonly thought of in the context of an idea-stage startup, where founders can validate a product idea without investing too much time and resources into it. But MVPs can also be used for existing companies to help them launch new products, introduce new features, and enter new markets.
In this article, we’ll break down the core components of an MVP, dive into some of the history behind MVPs, and provide a framework for building one.
Table Of Contents
What is an MVP (Minimum Viable Product)?
Eric Ries defines an MVP as “the smallest version of a product you can use to start the process of learning from customers.” An MVP is a way to test a product idea in the market. At its core, an MVP is not a full product; instead, it’s a version of the product with only the core, most important elements of a product necessary to test it with users, validate market demand, and confirm whether people are willing to pay for it.
The Origin Story of the MVP
Ries wrote The Lean Startup in 2008, after the failure of his first startup, the demise of which he attributed to a poor understanding of what their target customers wanted.
The book was seminal, in that it challenged the status quo for building products. At the time, businesses would write lengthy business plans, invest significant resources upfront, and have long product development cycles. In his view, this often led to slow progress, wasteful spending, and ultimately, a higher rate of failure.
In contrast to traditional product development, the lean method emphasized rapid experimentation, validated learning, and continuous iteration in a “build-measure-learn” cycle. The goal was to build and launch products or services more efficiently, using iterative processes informed by customer feedback and data. This enabled them to learn from results and make informed decisions about whether to pivot or persevere.
