MVP means Most Valuable Player, right?
Well, yes. In most contexts of my life.
But recently, while listening to a podcast by Pat Flynn from Smart Passive Income, he and his guest casually referred to MVP in another way. In the entrepreneurial context, it means Minimum Viable Product.
I was confused.
But I think I’ve figured it out, and I’ll explain what I’m pretty sure it means.
Minimum: The very least it can be.
Viable: It works. It can do the job it’s supposed to do.
Product: Thing. (Duh.)
In entrepreneurship, this means that it’s best to launch a product as soon as it is viable. As soon as it does the job, even if it isn’t the VERY best it will ever be. Even if all the bells and whistles you’ve dreamed up haven’t been added.
Launch it. Start earning money. Then use what you learn from seeing it in action with large amounts of people (and money from sales) to continue improving.
This is what successful entrepreneurs do.
They go for it.
It’s what sets them apart from dreamers.
You know, the ones who think up all kinds of great ideas but never actually act on any of them.
Dreaming is great, but it doesn’t earn any money.
Thinking up all the ways to do something perfectly is great, but it doesn’t mean anything is actually happening.
I thought a lot about the MVP concept as I worked in my closet last week.
It physically hurt to not do it perfectly. I would get soooo discouraged looking at the overflowing shelves above or the crooked hangers. In my ideal world, my closet would look like a magazine. Every single item would have a color-coordinated home and there would be no Boot Shoving Corners, only Boot Storage Systems.
But I kept telling myself that I didn’t want to be the dreamer.
I wanted to be the person who made something happen. Today. I wanted my MVP. My Minimum Viable Product.
I can build on it later, but I need progress (and livability) now.
It’s the same philosophy I’ve come to embrace over the past four years, just a new way to name it.