Simple Yet Effective Ways to Validate Your Startup Idea
You’ve come up with a startup idea and you’re wondering if the solution you’re proposing is something that people will actually need and pay for. This uncertainty lingers for most aspiring startup founders and we’ve collected some of the simplest ways laid out by experts on how you can validate your startup idea and get to know if you’re unto to something great or just about to start a journey that won’t yield the results you’re expecting.
let’s dive into some of the most effective yet simple ways you can validate your startup idea.
Share your ideas
Many aspiring startup founders make the mistake of making their startup idea an absolute secret. Sharing your thoughts with the right people can be a strong first step in validating your startup idea. The founder of mint, Aaron Patzer put it right when he said, “Tell anyone and everyone your idea without fear they are going to steal it.“
You can receive quality advice from people who have experience with the industry you’re looking to launch into. One way to go about this is to follow successful entrepreneur on social networks for professionals such as LinkedIn, Meetup and Bixex. With time you’d be able to meet some of them and collect some quality advice.
Don’t Ask Friend or Family
This might seem like an unnecessary resolve at first, but the truth is, we want to feel good about our ideas, so we ask our loved ones to help assess what we’ve conceived knowing that they are more likely to give a positive feedback. Friends and Family are very likely to have biases and in most cases lack the experience to give you the assessment you need.
Validating your startup idea with friends and family can be very tricky. They might be giving you a response simply because they feel they have to. They might go on to make up points so you don’t think they’re being biased.
Analyze the competition
The first thing you should always keep in mind is analyzing your competition. Study your competition to see what areas they are lacking and focus on developing core strengths in those areas. Take what Chinese tech giant Huawei is doing for example; the company is launching its own operating system for smart devices and ensuring it is everything that Android and iOS isn’t. You need to find a void in the market and fill it.
Evaluate Whether Your Idea is Profitable
You’re not starting a charitable organisation right? So you’d need to be sure that your startup idea can make enough money to keep the business running successfully. Endeavour to research if your idea can be monetized.
It would be more like jumping from a plane with no parachute when you launch your startup with no idea whether it can be profitable or not. You must work this out before launching your business.
All things considered, the aforementioned ways to validate your startup are not conclusive, but they’ll go a long way in helping project if you’ve got a startup idea that will actually work.
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