The Best Frameworks for Startups

Any entrepreneur should remember that the progress of a startup depends on the ways of measuring business success. The key goal of a startup is to employ the proper frameworks to build up a sustainable business in the near future. When this is the case, the MVP development is essential for the rapid growth of any organization that operates in a high-risk environment. What is an MVP?

There are many global businesses that started their paths to success with a single feature MVP approach, including Amazon, Facebook, Dropbox, Google, Airbnb, Product Hunt, to name a few. Let's take Facebook. The entity started as an ordinary niche product intended for some higher educational institution. Now it's a global corporation which unites billions of users across the world. Amazon, Dropbox, Google, Airbnb, Product Hunt followed the same pattern. Speed was important for all these companies as the main factor in the prosperity of their undertakings. This fact means the faster an MVP is released and feedback is received, the better are business owners' chances for success.

Advantages of the MVP Approach 

Lean startups require the MVP planning as a functional approach to launch a new entity for several reasons. Based on this concept, organizations benefit financially. It's clear that developing a flourishing business takes a lot of time, effort, and resources. One might like to know that going with this technique is a wonderful chance to avoid negative outcomes through allocation of limited resources into crafting a core Minimum Viable Product, testing, analyzing the obtained real data to initiate sales, enlarging the customer base, or saving money that will permit facilitating income generating operations of a new venture.

These are the numerous advantages of the proposed method which should be considered by the owners of businesses:

• This unique method helps new venture owners to avoid building something that no one wishes or needs. The development of an MVP shows the demands of potential users. There's no need to waste money on something that nobody wants to buy.
• It's a great way to test your entrepreneurial ideas as cheaply and easily as possible. Saving financial resources is one of the primary goals of the MVP approach.
• By employing this innovative strategy for startups, it's possible to maximize the amount of useful knowledge that can be attained. An MVP can serve as an appealing mechanism to verify market demands and test pricing strategies in the shortest possible time. The early stage of product development gives an opportunity to see how first users interact with a new product, and what the most problematic aspects of product design are.
• If an entrepreneur starts to build an MVP in the early stage of idea development, it's easy to create more efficacious MVPs as the enterprise progresses. Having a real customer base is a solid argument for fruitful negotiations with investors. This fact means a successful startup launch is impossible without the services, conducted by professionals in an accurate and timely manner.
• Gathering feedback from potential customers is necessary to assess the value of a startup idea. It is essential to learn more about the demands and desires of first users and make your end product more valuable, usable, reliable, and well-designed. In other words, an actual MVP allows producing an ideal product that will be well-adjusted to the modern-day market reality.

Overview of the Best Frameworks for Startups

Let's explore the best Startup Frameworks that make it easy to see the target audience, strengthen the relationship with the potential customer, add value to products (or services), research marketing trends, map both the existing and future competitors, and other critical factors that can assist in creating a flexible and adaptable business plan. Currently, startups invest in an MVP with confidence as the effectiveness of the provided methods is guaranteed.

S.W.O.T.

This is one of the most productive frameworks for today's startups because it helps define the strengths of a product and its weaknesses, detect the opportunities and hypothetic threats that can affect an entity's activity in a competitive market. Using the S.W.O.T. - type analysis, it's possible to have a deep understanding of the basic features of the MVP that reflect each of the above-mentioned factors. This method is useful for a business owner who focuses on strategic planning, continuous product improvement, and, finally, sustainable growth.

Data Product Canvas

This is a highly functional framework that allows developing MVPs to address the needs of prospective customers based on their honest and constructive feedback and insights. Due to iteration in product development, there is a good opportunity to improve the quality of a product. This canvas places emphasis on user segments to determine the proper methods for data product development. By using the Data Product Canvas, it's easy foster stakeholder collaboration. It's an ideal approach for an entrepreneur who needs to specify pain points and predict usability issues.

Value Proposition Canvas

This canvas is crucial for creating and launching products that sell. By employing the Value Proposition Canvas, experts can determine high-potential market segments for product optimization and highlight the problems to be solved effectively with the help of behavior-based segmentation. This is a right option for many startup owners who desire to improve their products and increase sales.

Product Market Fit

Product Market Fit is a framework dedicated to understanding, analyzing, and supporting market demands. Businesses focused on this approach can receive organic and non-paid growth. It allows retaining buyers thanks to a better understanding of their basic needs and building their loyalty through improved customer service. This model is good for entrepreneurs who need to see how their products can meet the demands of a viable market.

Lean Startup Canvas

The focus of the Lean Startup Canvas on the key aspects of the business model makes it easy for a venture to use resources efficiently. This outstanding framework helps identify, analyze, and mitigate potential risks a newly developed startup can encounter in the early stage of the business process. The Lean Startup Canvas is a great way for many entrepreneurs who wish to build powerful business models, scale their production, and maximize profits.

The Value vs. Effort

By using the Value vs. Effort framework, businesses can prioritize tasks based on customer feedback and achieve the set strategic goals almost without loss. This is a good chance to assess the value and effort of all tasks and determine the most appropriate features and initiatives for product and business development. It's an adequate solution for business people who need to minimize research time and foster radical innovations. Their business plans will undergo transformation or modification after the rapid launch of the MVP and after receiving valuable feedback from the first users.

The MVP approach is important for your startup launch!

Observing the environment experienced by numerous startups, it's vital to modernize strategies that can guide product development, reduce the barriers to entry of these startups to the global market, as well as minimize the identified risks and uncertainties. Startups invest in an MVP, as new ventures need not only to craft strategically designed versions of their products but also to refine their features and align them with customer expectations.

Have you ever wondered why startups fail? Statistical data shows that over 10% of new startups fail within the first year of existence.

In fact, the lack of the proper marketing strategy, a weak business model, an inexperienced startup team, and insufficient research on the grounds of demand and supply contribute to bankruptcy. And the last but not the least: Startup planning is what a new venture needs to boost corporate growth. For entrepreneurs, who prefer to take risks and look out for the proper solutions, it is a key to the desired success.

Conclusion

Plavno is not only a valuable MVP development partner but a reliable business consultant with huge experience in the global market.

Our professional team will prepare your Minimal Viable Product effectively by determining a specific niche for your MVP, creating a realistic roadmap, conducting comprehensive competitive research, pre-selling, and testing your individual assumptions. We'll develop, market, and test your new product. Our proficient team is well-trained in this field to provide concise advice to business people who focus on developing an effective business plan for quick entry into the market. With our services, you'll eliminate the frustration of hopes, plans, and efforts.

And if you can't wait to evaluate your startup idea, then you can do it in our online project cost estimator!