This is basically waterfall and agile in a nutshell.
The extreme end of the other side of the spectrum is research and documentation to the extreme, coming up with a rigid, long development process that doesn't readily allow for any sort of iteration.
The only real question is what is the difference between a working prototype that gets thrown away and an actual MVP. You need buy in from the business up front, otherwise you won't be given the option to refactor or redo parts, you'll be told it is good enough and there are features that need shipping.
The extreme end of the other side of the spectrum is research and documentation to the extreme, coming up with a rigid, long development process that doesn't readily allow for any sort of iteration.
The only real question is what is the difference between a working prototype that gets thrown away and an actual MVP. You need buy in from the business up front, otherwise you won't be given the option to refactor or redo parts, you'll be told it is good enough and there are features that need shipping.