What exactly does it consist of?
The Entrepreneur, before making a very large investment of capital or the mass production of a product, performs this MVP and tests it in the market. Once you test this first version of your product on the market, you have real feedback on it, which allows you to make the necessary modifications and improvements to have a better product or service. In addition to being able to test the viability of our product and if, indeed, it works in the market, this Minimum Viable Product can serve as an argument to investors. We will not have the same impact on the search for funding if we simply have a business idea on paper, as if we can show you a first prototype of our product and even metrics and traction of the same in the market. In this sense, the PMV, in addition to serving as a hook for investors, can make Business Angels detect possible improvements you can make in your product/service and, therefore, obtain expert and qualified feedback.East Minimum Viable Product is one of the basic concepts of the Lean Startup methodology, based on eliminating inefficient practices and focusing on producing products or services that are accepted in the market. This is learning that is constantly validated by consumers, in order to be able to offer what users really want and need. Through the PMV, we will be able to validate the product in its first approach to the market, clearly identifying the strengths of our product or service as well as its weaknesses and, we will be able to improve it, in time.
When to develop it?
It's very important to choose the right time to develop your PMV. If you try to develop it too soon, when you barely have capital, equipment or experience, the result will most likely be worse than our idea and, all because we don't have the necessary resources to develop it. In this sense, the ideal time to start testing your product and service is when your entrepreneurial project has already passed a phase of idea maturation and rigorous planning on how and where you will seek funding, recruitment of human resources, communication campaigns, suppliers, etc.
