3 Reasons To Validate Your Idea, Before You Spend Money

Feb 2 2015
By Joseph Knecht in Insights

So you think you’ve got an idea, an idea that will sell. An idea you want to turn into a business. A business that will take off and grow and grow and grow. But how do you know for sure? If it were as simple as building a great product, one that YOU think will transform into something magnificent, why hasn’t everyone done it? The answer is simple: Building a great product is not that simple.

So what can we do to make it that simple? Idea Validation

Ask the people that will be the eventual users of this idea. In the startup world we call this “Idea Validation.” Idea validation is paramount to success for many reasons. We’ll explore 3 reasons entrepreneurs or founders should validate their idea, before spending any more time or money bringing it to life.

  1. It isn’t a great idea.

We’ve probably all been here at one point or another. Thought you had a really great idea for a gift. Maybe you thought you had a great punchline for a joke. Or even if you thought you’d literally build something, like a breakfast machine. But it didn’t turn out that way. They didn’t like the gift, the joke wasn’t funny, and the breakfast machine made lunch instead. The same process can and does occur (more often than not) in the startup world. The truth is: it’s better to spend 12 hours and 0 dollars to find out your idea isn’t worth anything, than 6 months and $50,000.

  1. It’s not all there.

So this idea is really good! It’s kept you up for more than just a night or two because you’re so excited. Thinking about the growth potential, size of the market, adoption rate, other potential markets or product off-shoots, right? So why not figure those things out for yourself? We hear people say “I know what the customers want,” all the time. If that’s what you really think, you may be in trouble. Instead, ask the people that would be using the product, “What problems are you facing?” Not only does this give you better insight to the opinions of your end-users, but you may find that the problem you were trying to solve isn’t the biggest problem. You may just be a small pivot away from a million dollar idea.

  1. You missed the mark

Your idea is great. You’re not missing any vital puzzle pieces. You’ve got a great UX. But what if your idea has a bigger application somewhere else? By validating an idea, you will get feedback from professionals that will have experience within their industries and knowledge others, related or not. Your product could potentially make a bigger splash in a different pool. A pool you didn’t know existed until you spoke to 20 or 30 people who did.

Tune in next time for tips on turning Idea Validation into presales and avoiding bulky buildouts. 

Joseph Knecht
Post by Joseph Knecht

Joseph Knecht is the CEO at Proteus and loves to cover the topics of entrepreneurship, digital transformation, and web product commercialization.

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