Episode 3: Idea Validation - Will My Idea Really Convert Into A Business? 13th September 2019
Welcome to another episode of Her Business is Our Business where we Gayathri and Aparna look at Women Entrepreneurship beyond funding – sharing expertise, experiences and tools to grow your business.
Is it enough if you have just a great idea for a business or is there more to it? In today's episode, we discuss everything you need to know about the concept of Idea Validation. We also substantiate the points with personal experiences and examples.
Benefits of idea validation:
- Reduces risk
- Speeds up delivery
- Minimises cost
A few reasons why most entrepreneurs skip the idea validation stage:
- They are too passionate about their idea and does not want to hear something negative
- Not sure where to go to validate their product
- Not where to start or whom to ask?
Steps involved in idea validation process:
1) Define your validation goal
2) Develop a hypothesis
3) Experiment and obtain feedback
4) Revise your hypothesis based on the feedback and plan the next steps
- Step back and check if your idea is feasible, worth converting, sustainable
- Idea validation is testing the value of your business idea
- Spend some time validating your idea
- A great idea by itself does not necessarily convert into business
- Validation of a business idea is as important as the product itself