--- title: The Value of an MVP from a Business Acumen Perspective description: From a business acumen perspective, the minimum viable product or MVP is not a technology prototype but a way to validate its sale. Learn more. image: https://www.advantexe.com/hubfs/mvp-business-acumen.png --- [![logo-advantexe-150.png](https://www.advantexe.com/hs-fs/hubfs/logo-advantexe-150.png?width=150&height=123&name=logo-advantexe-150.png "logo-advantexe-150.png")](https://www.advantexe.com) ![blog-banner-2022](https://www.advantexe.com/hs-fs/hubfs/blog-banner-2022.png?width=973&name=blog-banner-2022.png "blog-banner-2022") ### The Advantexe Advisor Blog - providing a deep and applicable understanding of the system of business. # The Value of an MVP from a Business Acumen Perspective By Robert Brodo | Jun 21, 2022 8:03:27 AM | [![Share on Facebook](https://static.hubspot.com/final/img/common/icons/social/facebook-24x24.png)](http://www.facebook.com/share.php?u=https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Dfacebook) [![Share on LinkedIn](https://static.hubspot.com/final/img/common/icons/social/linkedin-24x24.png)](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Dlinkedin) [![Share on Twitter](https://static.hubspot.com/final/img/common/icons/social/twitter-24x24.png)](https://twitter.com/intent/tweet?original_referer=https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&url=https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&source=tweetbutton&text=The%20Value%20of%20an%20MVP%20from%20a%20Business%20Acumen%20Perspective) [![Share on Pinterest](https://static.hubspot.com/final/img/common/icons/social/pinterest-24x24.png)](http://pinterest.com/pin/create/button/?url=https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Dpinterest&media=) [![Share on Email](https://static.hubspot.com/final/img/common/icons/social/email-24x24.png)](mailto:?subject=Check%20out%20https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Demail%20&body=Check%20out%20https%3A%2F%2Fwww.advantexe.com%2Fblog%2Fthe-value-of-an-mvp-from-a-business-acumen-perspective%3Futm_medium%3Dsocial%26utm_source%3Demail) “My biggest learning from the SaaS[ business simulation](https://www.advantexe.com/why-business-simulations) experience? Oh, that’s easy and something I am![mvp-business-acumen](https://www.advantexe.com/hs-fs/hubfs/mvp-business-acumen.png?width=412&name=mvp-business-acumen.png) going to take back to the job tomorrow; the company that launches first has the most strategic advantage, and gosh darn it, we should have had that minimum viable product (MVP) before our competitors.” The concept of using the minimum viable product approach to test a business model is one of the most important concepts to hit the business world in many years. It was a very valuable lesson for my SaaS simulation participants, so I figured it’s nice to do a refresh on the MVP from a [Business Acumen](https://www.advantexe.com/what-is-business-acumen) perspective. **The Basic Concept: The Minimum Viable Product** In doing some research, I discovered that the concept of a "Minimum viable product" in Business Acumen is a term coined by Frank Robinson and popularized by Eric Ries, founder of the ***Lean Startup*** methodology. This is one of my favorite books as the concepts lend themselves to simulation-centric learning. Eric Ries also invented the concept of “persevere or pivot” which we use in every Advantexe digital business simulation round. According to Ries, an MVP is the version of a new product that allows the team to gather the maximum amount of proven customer knowledge with the least amount of time and capital investments. What’s interesting is that it seems in reality, the idea of an MVP has little to do with development. Business professionals and many developers often confuse the concepts of an MVP and a technological prototype. They are very different! Technically speaking, an MVP is not a technology prototype but a way to validate its sale. It may not be based on a prototype but on a landing page with a "Buy" button. *The primary purpose is to test a business idea at minimal cost to find a response from the target audience and determine further iterations to enhance the value development.* Naturally, with something so ambiguous, the variety of definitions has created several alternatives for the ultimate MVP approach. Based on my research here are a few of them: **The Existing Alternatives to An MVP Approach** As existing and new start-up companies evolve, so does the term “MVP.” Some define an MVP as "the first version of a product," others as "a stripped-down version of a full potential product," while others deny the idea of an MVP altogether and develop "a full-scale but simple product.” It happens due to increased customer expectations based on the proliferation and adaptation of complex technologies and technology-based products that may not even exist yet. To help proliferate the conversation and get business leaders to take risks and challenge the status quo, I’ve assembled some interesting variations of the MVP for your consideration. **The Minimum Sales Product** Something that the sales team, hopefully working in conjunction with the R&D and Manufacturing teams conjures up to get prospective customers excited to buy. In software, that used to be called “vaporware,” but now the MSP or MVP has joyfully taken its’ place. **Minimum Lovable Product** While many companies create MVPs to get a product up and running quickly with basic functionality, few consider it can leave customers frustrated and cause them to look for alternative solutions. The MLP is about creating enough functionality so that customers will adore the product immediately after launch, not just tolerate it. The obvious disadvantages are the unnecessary increase in the cost of development. But it's worth noting right away that development tools also allow you to create a convenient and attractive product out of the box. **Minimum Marketable Product** An MMP approach is about creating a minimum set of features to test a feasible business model for marketing. So, MMP brings together minimum viable and loveable products. Starting with an MMP implies that you’ve already established your target users and market and you have a solid understanding of the problem you’re trying to solve with a product. The alternatives listed above are also quite studied and well-known models. I propose to talk about not-so-obvious ways to find and test business hypotheses, which can compete with the MVP, MLP, and MMP. **A Lean Approach to Product Development (and the MVP)** Over the past 6 months, I have been working with a number of companies that fully embrace Lean thinking and building a culture that reduces waste. The lean startup approach is based on interaction with the end-users; the famous “build-measure-learn feedback loop.” The MVP and its counterparts were created as tools to implement this framework. On the other hand, there are new, original solutions for validating the business idea and startup model. Here are a few fascinating methodologies that should really make you think; **The Minimum Catchy Offer** A minimum catchy offer is an alternative to a minimum viable product. When “product” means something complex, the request is about something quick, clear, and understandable. A minimum catchy offer can be one sentence: In today’s learning environment, all you have to do is hit the submit button to get all your simulated results (instead of waiting 4-6 hours for the old-fashioned way we use to process the simulation by hand. This approach is an excellent example if you are faced with whether or not to invest in developing an MVP. **The Black Hole Strategy** The Black Hole Strategy is the opposite of the Blue Ocean Strategy. While the Blue Ocean strategy is about finding new markets and creating new demand, the Black Hole Strategy is about finding hidden opportunities to change the behavioral patterns of people who are used to doing things in a particular way or not doing them at all. Here is a great eCommerce example: As of this month, 89% of Advantexe’s learning solutions were delivered by a facilitator. What would change that? Simulations that were 100% powered by AI bots as facilitators. **The Minimal Viable Customer** In my opinion, none of this is correct because we have it backward as usual. Instead of focusing on how we can create the most minimal product to someday go full scale to sell to a customer, why are we asking customers what they think? I suggest that if you are able to find MVCs that are willing to work with you, you can have the best of all worlds. In summary, the MVP can be a great thing, or it can be a waste of time and valuable resources. When done well, it can b a game-changer. When executed poorly, it could mean goodbye business! [![New call-to-action](https://no-cache.hubspot.com/cta/default/1153922/b9a5c29f-9d07-4560-840d-d34685b92792.png)](https://cta-redirect.hubspot.com/cta/redirect/1153922/b9a5c29f-9d07-4560-840d-d34685b92792) ![Robert Brodo](https://www.advantexe.com/hubfs/Blogs/rob-brodo-author.png) **About The Author** Robert Brodo is co-founder of Advantexe. He has more than 20 years of training and business simulation experience. 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