Idea Validation & Risk Avoidance

Episode 324 | Idea Validation & Risk Avoidance

Date: 2017-01-24

Link: Startups for the Rest of Us

 

Startups for the Rest of UsYou’re never going to be 100% sure (that your product will be a success).

Are you solving a problem that people actually have? If you already have people that prepaid you are probably past this point.

Who are you solving the problem for and who is paying for it? These are often two different people (e.g. a business owner pays for it but the marketing guy uses it)

Are they willing to pay for it?

Who is searching for the answer to this problem? How are they searching?

How hard is it for (a customer) to get value from your product?

What roadblocks are there before (someone can use your product)? How do they get data into it (from their existing systems)?

Your launch day should be your biggest revenue day of your first six to twelve months.

It is easier to enter a market and find a position than it is to enter a whole new market.

Try to find ways to disprove your idea.

It is easy to make assumptions and not realize that.