We, at findyogi, were discussing why we took so much time to release a basic product. My co-founder, Anil, iterated some of the points and this is what we think the reason are.
It's actually tempting to not build an MVP and actually go ahead for a full blown product.
1. We got swayed away towards buzz words and were trying to learn new tech/languages too early cycle.
2. We never had standard product docs that everyone was following.
3. In a bid to move forward fast, we were skipping standard steps and leaving it half done. Like going to HTML without wireframes.
4. We were shy of getting into arguments and that made the product discussions weaker. We would leave the tough calls for later.
The fact is, we are not the only ones facing this. That is the reason why startups actually start with an MVP in mind but deliver a half baked standard product, that takes more time and lesser useful.
Here's a complete account - http://yourstory.in/2012/12/temptations-against-mvp-and-how-to-avoid-it/