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A minimal viable product (MVP) is a product with just enough features to entice early adopters and verify a new concept. It's a stripped-down version of your product that lets you test your assumptions in the market. For entrepreneurs, establishing an MVP is a strategic decision that offers numerous substantial benefits:
1. Cost-effective development.
2. Faster market entry
3. Validation through user feedback
4. Effective risk management
5. Built-in chances for incremental improvement
6. Testing grounds for monetization ideas.
7. Increasing investor and stakeholder confidence.
1. Cost-effective development.
2. Faster market entry
3. Validation through user feedback
4. Effective risk management
5. Built-in chances for incremental improvement
6. Testing grounds for monetization ideas.
7. Increasing investor and stakeholder confidence.