How to validate your startup idea?
Most aspiring entrepreneurs think that if they can provide a solution to a problem, they will have a successful business.
But does every problem needs a solution?
Not every problem needs a solution, but most entrepreneurs fail to understand this. Just because there is a problem, doesn’t mean people would love to pay for the solution.
The point is to solve a problem that the majority of people want to be solved.
There is no guaranty if your startup idea will make a success story in the market. The validation of your idea is very important. Right from knowing your product, core and augmented features, target audience, competitors in the industry, and as well as government policies and reforms is a must.
Entrepreneurs should be very cautious about the actions they take because these actions will decide the future of their startup. That’s why every entrepreneur needs to validate startup ideas.
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Follow the below-written steps to validate your startup idea before going all-in, in your venture.
- Solve a problem that needs a solution
- Focus on major features
- Start Selling Early
- Add on more features
- Hire people according to the requirement
1. Solve a problem that needs a solution
As mentioned in the start, find a problem that the majority of people want to be solved. The best way to do this is to analyze your routine.
What bothers you, what do you want to change, whether you need help in some task. Analyzing yourself will help you to see some problems. And most importantly, you should focus on problems that need urgent solutions.
2. Focus on major features
Once you have the idea in place, focus on the major features that your product/ service should have. Then, make a Minimum Viable Product (MVP) having the core features. Your Minimum Viable Product (MVP) should contain minimal yet core features. Core features are the must-have features that provide the consumer with the desired outcome.
Take Zomato as an example. They started by just providing info about restaurants and their menu items on their website. Now you can see yourself their services have developed a lot.
3. Start Selling Early
Most people don’t get their business to start because they wait for a perfect time. But keep in mind, there is no perfect time.
Once you have a minimum viable product, start selling it. By starting selling early, you will be able to understand the market well. This understanding will help you to make your product/service better, which in turn leads to growth.
4. Add on more features
Once the MVP is up, keep on adding relevant features to your product/service. You can take some inspiration from your competitors or other similar platforms like yours for features. Ask your customers also, what other additional features they need in your product.
5. Hire people according to the requirement
Every business is as good as its employees. So, hire the right people for your startup. During the hiring process, always choose the person with the most relevant skills needed as per your target market.
Just follow these points to make every venture a successful one.