Not all ideas have the potential to become profitable businesses, even the ones that sound so promising. It is important to be able to sense the difference between awesome idea and an idea that has the potential to become successful business. So, haw can you validate your idea in the fastest way possible without to waste precious time?
Here you can find 10 questions you can ask yourself (not in that specific order) that will help you validate your idea and give you the inspiration to proceed with turning this idea into a successful business.
What do other people think about my idea?
This question will definitely help you discover where are the weak places of your idea. Share your idea with friends and family and listen to their responses. It is important not to overlook their opinions because sometimes we can’t see clearly our weaknesses and strengths.
Can it be executed?
Ideas are great, but execution is what really matters in the entrepreneurial world. Ask yourself can your idea be executed and will the execution of the idea be that expensive so it will turn out to be meaningless effort.
Is it solving a problem?
Startups are the future, because most of them are created with the ambition to change the world the way we know it. Will your idea make a positive impact and will it solve specific problem, which will bring value to the customers?
Will people be willing to pay for my product?
Every idea can be great when it has the right purpose. In the business world, profit is very important and you should answer this question to yourself: Will my customers be willing to pay the price that I am offering my product for?
Can I reach my potential customers for early feedback?
Will you be able to ask for early feedback? It is important to get feedback from potential customers in order to be prepared and build a product that will match their needs and expectations.
What about the competition?
Make research on the companies that failed on their way to turn similar ideas (or the same!) into a successful business and try to learn from their mistakes. Learn what makes the companies that succeeded that strong and figure out how you can stand out from the crowd.
Is there place in the market?
Is there going to be a gap in the market that you can fill and make the difference that you are wanting to make?
Is there someone that I would like to partner up with?
Finding a co-founder is very difficult job and you should ask yourself in very early stage of your venture, do you have a specific person in mind who can be the perfect co-founder for your business.
Will my idea impress the investors?
How you will secure funding is may be not the number one question in your head right now, but it is good to know your chances. Do you think that there will be people who will see the potential in this idea and will be willing to invest in it?
Am I passionate about it?
Passion is very important in entrepreneurship, because it is the ultimate power that keeps all entrepreneurs strong even when the path gets rocky. If you feel passionate about your idea, then just go for it! Better act and fail then to always be just a wantrepreneur.