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How to Validate a Start-up Idea
All start-ups begin with an idea. Each design is given life with a single idea, it is visualized and finalized in thoughts and after confirming a few points, we bring it into action. However, it’s not necessary that every idea you come across can be finalized and put into motion. There has to be certain requirements which has to be fulfilled to validate your start-up idea.
Why Should You Validate/Evaluate your Start-up idea?
The answer is very simple, without evaluating your idea or your plan you are giving yourself away to an uncertain future. It is going to take years of hard work and lots of investment to build your business and a single misstep or failure can destroy it all, hence a validation or evaluation of your start-up idea is quite necessary. Let us take a glance at some crucial points.
Layout your Idea
What does laying out your idea mean? We have more than 60000 thoughts in a day, your idea is just one of those thoughts, whose key points can be forgotten easily, hence the first step would be to pick up a paper and note down about your idea, all the planning or thoughts which you have in your mind regarding your start-up, this would make things clearer for you and give you an insight if your idea is even valid or if it is not suitable for your start-up.
One of the best ways to find out if your idea is effective is to think about it by imagining yourself in a customer’s shoes. If you, as a customer, came across such a product or concept, would it be acceptable to you or catch your attention? As a customer, would such a product make you believe that it is different from other brands out there, which are already established and settled well in the market with goodwill?
- The Problem
Mark this, your idea does not have to be simple or normal. In today’s competitive world, nobody is looking out for normal, everyone pays for the unique. Hence, you can figure out if your start-up idea is offering something unique? Is it solving any existing problem faced by the consumer? Is it making their life any better by using your product compared to the already established brands out there? If the answer is yes, the idea is valid.
Once you have validated your product’s uniqueness, the next and the most important thing which you can look out for are the mistakes. What’s missing in your start-up idea? Things never go as we plan; we are bound to forget something. Make a note of all the things which could go wrong if you work on such a start-up idea? Study those mistakes and evaluate if there is any manner by which you can avoid them or solve them. A start-up idea with too many mistakes or errors cannot be termed as valid.
After figuring out the uniqueness of your product, you can test it out by asking the opinions of consumer who consumes something similar or related to your product. Surveys, personal opinions, market research are some of the ways where you can get a rough idea or the opinions of your target audience, and hence their opinions can help you immensely in judging if your start-up idea should be considered valid or the opposite.
Cost and Marketing
Another significant point to be considered is finding out a rough value to be invested in your start-up idea. How much money would it cost for product development, the infrastructure, staff and personnel and lastly the most important the marketing costs? Does your start-up idea require extensive marketing costs or complex market research? Are all the costs suitable for your budget? Such questions will help you determine if your idea is valid.
This point is quite obvious. However, I felt the need to mention this as well. You may get many ideas for a start-up; however, it is important to realise that not every idea can fulfil your goals. The First condition for the validity of your idea should always be ‘its uniqueness’. Jumping into a competitive market and bearing the risk can always turn into a failure. Hence, the key here is the level of uniqueness your start-up Idea has to offer.
Here we can derive a simple conclusion, not every idea can turn into a start-up, there are certain conditions or requirements which has to be fulfilled before you decide to put your idea into motion. Time is crucial, never give in to your idea before enough research. Take a few months if need be, but you should never begin with an idea unless you have validated and cleared all the points necessary.