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:

 

Prototype Testing Plan Taken From:  Development Impact and You (Nesta) / CC BY-NC-SA 4.0

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