Start with the decision, not the feature list
An MVP exists to reduce uncertainty. Before listing features, be clear about the customer problem, the behaviour you need to observe and the decision you want the first release to help you make.
Separate must-have from nice-to-have
A useful first release should complete one meaningful customer journey. Features that do not help that journey or validate a critical assumption belong later.
Define success before development starts
Agree what evidence would make you continue, change direction or stop. That could be activated users, completed workflows, repeat usage, conversion or qualitative customer feedback.
Protect learning runway
Do not spend the entire budget on version one. Keep money and time available for testing, fixes and the changes you will discover after real customers use the product.
Keep the goal simple: spend enough to learn what matters, then use that evidence to decide what deserves the next investment.