In order to turn your idea into reality, it is mandatory to check the feasibility of your idea much before presenting it in the market. Idea Validation is the term given to a group of different methods which are used to check the validation of any idea or plan which is to be implemented.
Making a Minimum Viable Product (MVP), the initial step of Startup Idea Validation.
MVP is the smallest version of the idea or the product which you are planning to execute. The advantage of using this concept is to showcase the major functionalities & features of the idea to the customers. Another advantage that can be derived by using it is that it helps the implementer in analyzing the viability of it in the market. Knowing the response of the customers will not only help in estimating the profit it will bring but will also determine the modifications needed. Using this concept can actually help the implementer in knowing the amount of time & money that need to be invested in developing and executing it. This will further help out in diminishing excessive use of the resources and will eventually save time and energy.
MVPs are affordable yet effective simultaneously. This is another benefit that can be gained by using it. The customers, who try these MVPs, take this concept as a great opportunity to figure out the highlights of the idea.
There are many startup companies who tried the MVP concept to know the extent of the possibility of their idea. For example, Uber began with a great, versatile interface, used only by the organizers and companions. To obtain access, one needed to email one of the organizers. As the rundown of clients developed, Uber drove their beta form to a little gathering of individuals in 2010, which just associated drivers and iPhone owners, and empowered charge card instalments. On account of Dropbox, their concept of a simple document sharing device would have required a very long time for improvement. Rather, they made a straightforward explainer video before actually improving. As a result of putting it on their site, they managed to garner a huge number of endorsers at a rapid rate.