Do you think that the startup idea you’ve been looking forward to could be worth a million-dollar? Or will it be just an addition to the huge startup idea stack which is not worth it and have almost no potential?
The above thought is very common for people who want to become entrepreneur and want to create jobs instead of searching one. In fact, this is not a thought but a very big question which makes us think beyond limits. Further, with such startup ideas we do not want to share them easily as startup ideas are prone to be stolen. Fortunately, we can validate startup idea with a very little effort.
Coming directly to the point, here are 10 questions which you can validate startup idea before trying to implement and move ahead with it.
10 Questions to Validate Startup Idea
1. Are You Solving a Problem?
It should be clear and evident in your mind that to validate Startup idea should solve at-least one problem of the targeted audience. If you aren’t sure about it and cannot clearly see if your idea would solve someone’s problem, then its not worth investing time and efforts in it.
2. Has Anyone Already Implemented / Attempted to Implement Similar Idea?
If you get an idea, a startup idea which you have been thinking for a while, the next thing you should do is fair research about it. Try to find out if someone has already implemented something similar. If yes, then check their results and if no, you need to research even more.
3. Are You Targeting Multiple Problems at Once?
If your idea is targeting multiple problems, the startup industry recommends to concentrate on one of them to begin with. Try to check for USP (Unique Selling Point) which can make people go crazy for your product/service.
4. Have You Done SWOT Analysis about it?
SWOT Analysis is one of the biggest tool to understand your Idea’s strength, weakness, opportunities and threat. It is a tool accepted industry wide.
5. Do you have a Mentor who can Assist You?
Startup needs mentor and it is a known fact that mortality rate reduces many fold for startups who have mentors behind them. So try to search for an industry expert who can assist your startup idea.
6. What is the Market Size which you can Target with Startup Idea?
Before you move ahead with your idea, ensure that you have a decent market size which is your target audience. A study shows that even world’s best startup and product also have only a penetration upto 70% on average. So ensure that you have decent and clear target.
7. Have you Taken Feedback from You Potential Customers/ Consumers?
Taking feedbacks in form of surveys have been the best mechanism to judge your idea before implementing. So go ahead with taking surveys from your potential customers. Also make sure that you have ample of data from feedbacks so that probability of wrong results is negligible.
8. What would it take to Create a MVP for testing in Market?
Creating a Minimum Viable Product before product acts as a teaser to the potential buyer. If fact, good ideas such as DropBox got over 35 customers through MVP itself. So create multiple MVPs and get them tested.
9. Would it be Easy to find Some Investors?
Startup are mostly dependent on investors for funding. So ensure that ideas is too healthy that just a glimpse of it would make investors go crazy about it.
10. Have you Tested Your Idea against Personas?
Persona creation to divide your target audiences into chunks. Persona is also best way to see what audiences can make you choose a USP for your Idea.
Hope you find your Idea worth investing post validation with above questions. If you need any level of assistance with Startup Idea validation, we will be soon coming out at our best potentials. So stay tuned with us!