5 Steps to Validate Your Business Idea – Quickly – in the Real World
Finding a perfect Startup Idea Validation can be tricky. We face a problem, we try to find a solution to it and we end up starting out a venture.
Before Startup Idea Validation :-
- Is it okay to start a venture without knowing its market feasibility?
- Is every problem that we face is faced by everyone else?
- If yes, who are all willing to pay you for your solution?
- They are your target audience.
Now before going further in your entrepreneurial journey, have a look at the 5 steps where you can validate your idea before starting out your venture.
- Note down your idea: Most of us have the tendency to forget a lot of things once we are out of the shower. So most of the ideas that come to our mind remain as an idea and often forgotten. To avoid this, always keep a notebook handy where you can note down your ideas.
- Figure out the solution: Figuring out the solution is the most critical task for any entrepreneur. A solution is as good as its market fit. In case there are any existing solutions, they try to find out the Unique Value Proposition with your solution.
- Discuss it with a group of people: Now since you have a definite idea and a solution, it’s time to travel out of your room to the field. A group of people doesn’t necessarily mean your friend circle alone or your family members. It can be anyone like your co-passenger on a flight to your junior at college sipping a coffee with you. This not only helps you in getting feedback for your idea but also helps you in finding your co-founders with a similar mindset in some cases.
- Pitch your idea to your targeted customer segment: This is the point where most of the entrepreneurs miss out before jumping into the field by asking your targeted customer if they really need your product or service. If yes, are they willing to pay you? If again yes, how much? Once you get the answer to all these questions, it becomes clearer to you if you can start the venture.
- Prepare a Lean Canva Business Model: Since by now you must have figured out all the things, prepare a lean canva business model which is nothing but your entire business starting from the threats, opportunities, revenue stream,etc in a single sheet of paper. This helps you in getting a clear picture of your business before getting started.