One of the main reasons why many startups are failing is the endless possibilities of technologies and no guidelines. And the absence of form scares off potential entrepreneurs before they start. The absence of form exists because of the lack of feedback, so entrepreneurs don’t know whether they are making the right decisions.

Successful entrepreneurs approach this differently. They will shape their ideas, make a plan, and at the end a product. They will transform their idea into a process that will allow for that evolution to occur. Successful entrepreneurs don’t rely on the intuition of what users want, instead, they learn it through a process of hypothesis and experimentation. They discover the best decisions for their business by building an MVP.

MVPs can come in a various shapes and forms. So, in this article, we will focus on the most popular ones. We will give you a simple explanation and examples from successful startups. We’re sure that it will help you decide which type of solution is most suitable!

Functionality-related MVP:

This type of MVP is based on functionality. Can be used when content-related MVP wouldn’t give you enough feedback from your early adopters.

Wizard of Oz MVP is where you essentially put up a front that gives your early adopters the impression that you have a product. Also, users have the opportunity to experience it. It’s a very effective way of checking if you have a wanted product before you actually build it.

Zappos (an online shoe retailer) is the most famous example of Wizard of Oz MVP. Nick, the founder tested the idea before creating the product. He went to local stores, photographed shoes, and sell them online. All that he needed was a very simple website and a small budget for ads to get traffic. From the customer’s side, it looked like a fully functional website.

Pros

• You can set up this MVP cheaply and quickly.
• You can use social media to generate interest.

Cons

• You have to spend a lot of time and effort to manually perform the service.
• Customers can feel cheated if they come to know that there is no real product.

Single Feature MVP:

Single Feature MVP is when you develop your actual product and sell it to your potential users. Even though the term means developing ‘one single’ feature for the MVP, it doesn’t necessarily mean that. Single Feature MVPs are those that focus on solving the core problem of the user. And to do so, you may need more features in your minimum viable product, but they must be prioritized. Keep ‘must-have’ features and eliminate ‘nice to have’. While defining and prioritizing the core features to build, consider the following things: Unique Selling Point that offers users value and stand among the competition. Leave the other features for later development.

Spotify today is the global leader in the music industry. But how it reached the top of success is an interesting story.

In 2008 Daniel Ek and Martin Lorentzon identified the opportunity that the music industry had nothing to help the music lovers stream songs. In 2006 after just 4 months of development, they launched their first prototype.

Pros

• Focused on solving one specific problem for specific users.
• You can get your product to market fast with low costs.
• You can expand it later without much difficulty.

Cons

• You have to invest in development.
• You may have a problem figuring out which feature you should focus on.

Before choosing the right type of MVP for your startup, you should define your goal. Understand your target, estimate the resources, choose the most suitable type MVP for your startup, and get ready to beat the market. As a digital transformation consultant, we are always here to help you make the right decision and turn your ideas into a successful startup!

Source: Hackernoon