How can you create a valuable MVP that tests your assumptions?

1 What is an MVP?

An MVP is a version of your product that has the minimum features and functionality needed to deliver value to your customers and get feedback from them. It's not a prototype, a mockup, or a demo. It's a real product that you can sell, measure, and learn from. The goal of an MVP is to test your riskiest assumptions and learn as much as possible with the least amount of time and resources.

2 How to identify your assumptions?

Before you create your MVP, you need to identify your assumptions and hypotheses about your product, your market, and your customers. These are the things that you believe to be true, but you don't have enough evidence to support them. For example, you might assume that your target customers have a certain problem, that they are willing to pay for a solution, that they will use your product in a certain way, and that they will find value in your features. You can use tools like the lean canvas or the value proposition canvas to document your assumptions and hypotheses.

3 How to prioritize your assumptions?

Once you have a list of your assumptions and hypotheses, you need to prioritize them based on two criteria: uncertainty and impact. Uncertainty means how confident you are about your assumption. Impact means how much your assumption affects your product's success. You want to focus on the assumptions that have the highest uncertainty and the highest impact, because they are the ones that pose the most risk to your product. You can use tools like the assumption matrix or the hypothesis prioritization sheet to rank your assumptions.

4 How to design your MVP?

After you prioritize your assumptions, you need to design your MVP that will test them. You need to decide what features and functionality your MVP will have, how you will deliver it to your customers, and how you will measure their feedback. You need to keep your MVP as simple and lean as possible, while still providing enough value to your customers. You can use tools like the MVP canvas or the build-measure-learn loop to plan your MVP.

6 How to iterate your MVP?

Based on your validation results, you need to decide what to do next with your MVP. You have three options: pivot, persevere, or kill. Pivot means changing one or more aspects of your product, such as your value proposition, your customer segment, your channel, your feature set, etc. Persevere means continuing with your current product and improving it based on your feedback. Kill means abandoning your product and moving on to a different idea. You need to use tools like the pivot or persevere canvas or the innovation accounting method to make your decision.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?