How To Validate Your Business Ideas Before Starting

[dstdst456]

Hi folks

Wonder:
1)
What is the number 1 problem or challenge in validating your ideas for a new business venture
e.g. how would you know if your business ideas would work?

2)
How hard or how easy is it to find answer to this problem?

cheers
dstdst456

[CodyDeegan]

If you want to prove or validate your business idea, conduct a research about it as well as formulating an experiment or prototype.

[MahaKarthi]

Piterion consultants believe that the finance and the feasibility of the plan in the long run really matters these days along with the team.

[Julia StaRomana]

There are a few of ways you can validate an idea.

one thing you can do is to write an actual business plan. A business plan forces you to think through almost everything you need to know before launching a business. If you can write a plan, you're one step closer.

Another way is to do market research. Is you business solving a problem? Are people willing to pay for the solution. If enough people are willing to pay, that's another point for validity.

Last but not the least, you look at your existing competition. Having some competition is actually a good sign. Because that means that there's an existing market for your business. The trick here would be to see if there's a market share that's not beings served by existing business and if that market is big enough to sustain your business.

[Win_Vas]

Originally Posted by dstdst456

Hi folks

Wonder:
1)
What is the number 1 problem or challenge in validating your ideas for a new business venture
e.g. how would you know if your business ideas would work?

2)
How hard or how easy is it to find answer to this problem?

cheers
dstdst456

There's only one way to find out. Try it.

Nothing really comes easy, but nothing is difficult to a person who has passion. When you have an idea and would like to know if it would somehow work, use the S.M.A.R.T. approach. Pretty sure you've heard of it by now.

When going for an idea make sure that it's...
Specific
Measurable
Attainable
Realistic
Timely

Research also plays a vital role in ensuring that you're on the right track. Nothing beats data-driven business ventures.