5 Steps to Efficiently Validate Your Business Ideas
What is Idea Validation
Idea validation is the process of testing or verifying an idea for a company name, product or service is worth spending time &money on.
Why should you consider validating your ideas
- To subject your ideas to human scrutiny or judgment
- To save time and money
How do you validate your Ideas Efficiently
- Research on the idea to know whether this ideas of yours has been built already. If this idea have been built already find new ways to improve on this ideas.
- Simplify your idea to the barest minimum to make it easy to answer the following question.
- What is the name of the idea?
- What is the problem it is solving
- What is the solution to the problem
3. Create a sample persona or profile of the person to whom you are going to be solving his/her problem. Which class of people is your idea targeting or which class of people will use your product and most especially pay for it.
4. Build a prototype or minimal valuable product(MVP) that can be used for physical testing and most especially feedback.
5. Reach out to your friends and family that you are certain will give you a sound, genuine and unbiased feedback.
6. Lastly, Reach out to your target market and ask them questions, study their reaction and record their feedback
Reasons why you should consider Idea Validation
- It saves a lot of time, money and effort in building what might never impact the masses
- It generates attention/interest around your idea.
- It helps you most especially to find co-founders or co-creator for your ideas
- It also bring in investors
