For many early-stage products, the sequence is discovery, prototype, MVP, then iteration. Each stage answers a different question: Is the problem worth solving? Do people understand the solution? Will they use a working version? What should improve next?
Skipping straight to a large build can be expensive if the team has not agreed on the first user journey. Staying in prototype mode for too long can also delay the feedback that only real usage can provide. The useful decision is not prototype or MVP forever—it is which uncertainty needs to be reduced next.