It sounds obvious. But the reality is many products are made that no one cares about. A product may have many great features but building features doesn't help a product in search of a problem. Building a Minimum Viable Product can save you time and money, but it’s not an excuse to build a bad product. Making a Minimum Viable Product means thinking about all the elements your product could have - each feature, each potential page - and only doing the things most essential to prove people want it. It differs from the conventional strategy of investing time and money to implement whole product before verifying whether customers want the product or not. MVP tests the actual usage scenario in contrast to conventional market research that relies on surveys or focus groups, which often provide misleading results.
If you have an idea, you might decide to make some notes, designs or wireframes. However, you will want to get some real world feedback to test your hypothetical solution, that is where a MVP comes in. It is meant to be the first thing built, even if not intentionally. As soon as you start building your product, and have the first working version, this could be classed as the MVP, it is meant to be iterative.
2. Iterative methodology:
After getting customer feedback, either through direct communication or by measuring usage metrics, you might continue improving your MVP, adding new features, or totally rebuild your product. Once you have found what ticks to make your product market fit you keep going, and the MVP eventually morphs into your beta or final product.