Do you believe that Idea is the HEART of a Startup?
Will you also agree that every Idea needs to be polished?
If your answer is yes to both the questions, then Why is it that some Great Ideas Fail and some not so great ideas succeed?
Here is one of the main reasons-
Most startups have an Idea, but they rarely go through the process called Idea Validation. Most of the Founders talk to just a few people like their friends, family and relatives. Based on the feedback they get, they decide to continue or drop the idea. They fail to understand the weightage they should give to the suggestions and feedback of these people.
Here is a fact, which is not understood by most Startups. When people give you a feedback, on your idea, their feedback depends less on the idea and more on the following two factors:-
- How much do they like you.
- How much confidence they have in you.
So, their feedback is less about the idea, and more about their liking and confidence.
In other words, using your friends and family for idea validation itself may not be a Valid idea.
- Prospective Customers
The purpose of an Idea is to create a product/service that will be bought by customers. Hence, approval of the idea from prospective customers is most important. Paying customers will assess the product with more seriousness. So the feedback from their point of view is more valuable.
People who are asked to try without payment and/ or Free Trial may not be too specific or critical of the product/Service because they may not want to hurt you
- Competitors, if any
Meeting competitors or those who are into similar product will give you an idea about the challenges that they are facing. Also you may get information on the market scenario, the price point, and other relevant details. This can be very useful in your planning.
- Specialists and Experts
Whenever possible, try to meet Specialists and experts in the field. They will be able to plug the hole in the concept/idea, if any. They can also add value to the idea. They may connect you to the right people in the industry, too.
- Similar Products/ Services
Find out if any other business is working with similar idea. If yes, meet them . Get to know what they are doing. Also meet business owners who are successful and those who are not. I am sure you will agree that we need to learn from the successful businesses is as important as learning from the mistakes of the failed businesses.
Meeting the above people will save a lot of time and effort in your startup journey. Meeting these people will help you to understand and validate your idea. They can also provide answers to those questions you have been asking to yourself. This exercise also may provide clarity leading to course corrections where ever needed.
In conclusion, it will be better to remember that an Idea which is validated by right people is more beneficial rather than just a Great Idea. This is extremely important for any business and specially a Startup.
If you want to know how we can help you in your Startup, please go to Solve YOUR Startup Problems
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