A STARTUP PROPELS ITSELF FORWARD TO PROGRESS WHEN IT STEADILY LEARNS MORE AND MORE ABOUT WHAT IS REQUIRED TO MAKE ITS PRODUCT A SUCCESS.
A Minimum Viable Product (MVP), a simple product that quickly gets entrepreneurs through the Build-Measure-Learn feedback loop, is meant to kickstart the process of learning, not end it, answer product design or technical questions and test the fundamental business hypothesis.
To add extra features to the product beyond what is required to start learning is to indulge in waste, no matter your subjective assessment of its importance.
Feedback from customers on what really matters helps entrepreneurs to test their value and growth hypothesis.
A Startup propels itself forward to progress when it steadily learns more and more about what is required to make its product a success.
Codifying a formal growth model or hypothesis and testing it with real customers, provides valid metrics that could guide a Startup to pivot away or change strategy, in order to gain more significant growth and escape from the trap of being satisfied with a small profitable business.
The behaviour of early customers, beta testers or early adopters either validates or refutes a specific hypothesis.
The Minimum Viable Product (MVP) or a simple prototype is designed to answer a very important question: what would it take to get customers to engage with the product and tell their friends about it?
Sometimes, it is instructive for a Startup to witness the pain of a user not knowing what to do, so that its engineers could make necessary modifications in real time.