How a Minimum Viable Product Can Make Or Break Startups
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In the process of creating a minimum viable product, most entrepreneurs struggle with their budget and skill, says Gaurang Manjrekar, Founder, Football Paradise. Startups have million dollar ideas but they get stuck with the question of how to develop an effective minimum viable product with limited resources.
"I think most of them are always worried about how much budget and what are the skills they need and I don't think that's the question they should be asking", said Gaurang Manjrekar to Entrepreneur India.
Instead of pondering over these questions, entrepreneurs should figure out the solutions to the business problems that they have identified, like in the process they can take help from others in designing an app, and move ahead. They should focus primarily on the solutions, customer pain points, and processes.
"While developing a minimum viable product you don't need a lot of money, you can easily find freelancers. You don't even need to learn to code. You should just make sure that the business problem is solved. You have to see the customers' pain points and identify the solutions," added Gaurang Manjrekar.
"Also to attain MVP, initially it is needed that the startups don't produce a huge quantity of their product rather they should produce 10 products and take it out to the customers. They should understand how the customers feel about it, is it solving the problem finally, and is this scalable business", added Gaurang.
Eventually, the success mantra of the startup lies in how an entrepreneur can improve his fixes, the variable cost ratio and how he can scale up the business.
"People are going to look at how you can improve your fixes and variable cost ratio and the way business is scaled, if you can find that switch in which you have reduced your fix cost and you been able to fix with minimum time consumption then I think you will be able to scale. Because now you have more audience and you know how your economics is going to work alike", said Gaurang.
Finally, he opines that the startup future is incredible in India. Innovation drives the startups. People generally worry about what corporates can do? The Corporates have a thousand problems to worry about. Startups figure out a solution to an existing problem or make it better. So having startups and fostering innovation is the best thing and it's an evergreen process which is never going to die.