Validate Your Business Idea

Validate Your Business Idea

Validate your business idea for success.

To validate your business idea will give you peace of mind and get you closer to certainty although not completely. Is this good enough or have you actually diminished the chances to fail?

Evaluating and validating a business idea is a crucial step when planning a business venture. This step is all too often neglected. Yes, it takes time and effort, but it also saves us lots of pain down the road.

On the other hand, there are always some who won’t take the leap and will keep looking for perfect numbers to never get started. Guess what? Over-analisis causes paralysis. Now, for those of us who want to succeed, succeess comes with a price too, as well as unexpected rewards. What price is that? The price of taking risks and failing.

But what are the rewards? Ahhhh! Just imagine! Not taking risks at all is like not living at all. You’ll never know and you’ll always wonder whether some idea would have worked out. Wonder? Wonder? Wonder?

So, let’s wonder no longer, shall we? Ok, let’s get started.

It is a good idea to test your idea before implenting your project and right after finishing the evaluation process. By the time when you finish validating your business idea, you’ll want to re-evaluate to put everything into perspective. Review and see whether something is missing or needs to be considered too.

Evaluating A Biz Idea In The Real World (Physically).

For testing a real-physical world product or service idea use prototyping. This could also apply to the online world, but of course your prototype is more difficult because its a hard good or actual service you would have to prepare for testing.

So, again, what is it that you’ll create a prototype of?

You’ll create a prototype of your idea that taps into an opportunity, a problem-solver, or a product – service that meets a need or want. However, by the time you’re ready to create a prototype you’ve have already proven and defined your concept (idea), which you did in the previous article “Idea Generator For Business.”

What do you need to evaluate a business idea?

Since prototyping is a process, here is a graphic to show first what it takes.

  • Idea ☀

  • Try ☛

  • Test ✍

  • Specify ◉

Process Taken From:

Development Impact and You (Nesta) / CC BY-NC-SA 4.0

 

Prototype Testing Plan:

 

Hypothesis

Try

Test

Specify

Specify the main idea/ hypothesis that you want to test.Quickly try out your idea to judge whether it can work in real life.

Build a small model of your idea using cardboard/ paper, children’s blocks, toys or any material you see lying around. This is so you can see your idea in three dimensions and check whether it would work smoothly or has gaps.

Act out parts of your idea when you meet with your target audience. Pretend that your idea is launched. How will they know of it and use it? Try acting out different possibilities to learn about alternative ways of doing things.

Draw the experience of finding out and using your work in the form of a story to see if you’ve not missed any step.

Test your idea again after having developed it further, to examine details before launching it.

Build a new model of your idea. Since you have developed your idea further, you should now have more details and elements in it to test and check whether they all work in synchronisation.

Act out your idea again. Can use the Blueprint as a guide to check whether the different elements are matching up properly?

Again draw the experience of using your work in more detail than before. Test out if all the steps in your story are working well together.

Make a list of all the things that you need to make your ideal real.

List things like activities, resources, people and materials that you need to make your idea realistic enough to implement.

 

Prototype Testing Plan Taken From:

Development Impact and You (Nesta) / CC BY-NC-SA 4.0
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