If you are planning to start a business, Idea Validation is the most important step to achieve success. So, you have a “Million Dollar Idea.” You are excited, and you are eager to get started right away. But hold on! Before you invest your savings or leave your job, you have to do one thing: Validate your idea.
It is like checking the water before jumping into a pool. If your business startup fundamentals are the map, then Idea Validation is checking if there is a road ahead.
1. Why Idea Validation is Important for New Founders
Your friends and family love you, so they will likely say, “Wow, great idea!” This is a trap. You need to talk to strangers who have the problem you are trying to solve.
- Ask: “What is the hardest part about [your topic]?”
- Don’t Ask: “Would you buy my app?” (People lie to be nice).
2. Using the “Smoke Test” for Quick Feedback
You don’t need a finished product to determine if people want it. You can build a one-page website (Landing Page) that describes your idea and has a “Coming Soon” button.
- If 100 people visit and 20 people give their email address, you have a winner!
- If nobody clicks, you just saved yourself months of wasted work.
3. Competition Study: A Key Part of Idea Validation
If other people are already doing what you want to do, that is actually good news! It means that there is a market for it. However, you have to find a way to be better or different.
In order to know your competitors well, you have to follow a proper guide on market research for startups. This will help you discover the gaps that they are missing and it will give you a huge advantage.
4. Building an MVP to Finalize Your Research
Don’t build the entire car; build a skateboard first. A Minimum Viable Product (MVP) is the simplest form of your idea that will solve the problem.
- For instance, if you want to begin a food delivery business, begin by taking orders on WhatsApp in your neighborhood first. If that succeeds, then develop the app.
Conclusion: Find the Truth Before You Launch
Idea Validation isn’t about proving you’re right; it’s about discovering the truth. It’s one of the essential elements of the business startup fundamentals because it saves you from failing down the line. Now that you know people want what you have, you can build with confidence!
