Is This A Good Idea?

Dear Entrepreneur,

Ideas Rule The World

Have you ever wondered what this quote means?

To understand this, we need to be aware that we live in a world created by other people’s ideas and everything around you now was once an idea in somebody’s mind. In the same vein, the ideas of today would be the reality of tomorrow.

Ideas are therefore like seeds which has the potential to transform into reality if properly planted and nurtured. So when we say ideas rule the world, in effect we are saying that our ideas will eventually become our reality.

Every idea is worthy of consideration but not every idea is worthy of action. Ideas are also very perishable and will quickly lose value if not acted upon.
 
The question then is, How do I identify the idea I neeed to take further action upon?
 

In this article, we lay out a few practical steps for Entrepreneurs to quickly validate ideas.
 
A. Write It Down

Ideas have wings and if not acted upon may escape. The simple act of writing your idea is a critical step towards making it a reality . Writing it clears your mind and helps you gain better insight because you have literally emptied your mind of clutter.
 
B. The 3 Way Test

Never before in history has ideas been so important and plentiful. Access to a vast amount of information and ever-increasing consumer demand for innovation has created a huge market of ideas.

How then do you test and validate if an idea is worth pursuing?

Answering these 3 questions will definitely go a long way

What problems are you solving? Many entrepreneurs think about the product first — they fret about the features, launch the product, and then wonder why their product has trouble getting traction. My suggestion is to start with the problem first.
 
Who is your customer?  This question can also be phrased as “What type of people have the problem you have identified” The answer to this question is dependent on the idea, but if you don’t start by answering this question you will miss out on opportunities. Its also important to identify whether the customers think the identified problems worth solving.

How will your idea solve those problems? After the first two steps, then you identify how your idea will solve the problem. From here, you tie the value of your product directly back to customer problems. How does solving their problems make their life better? Does it make them more money? Look better? Etc

C. Hit The Streets
After running through the 3 way test, its time to now test your assumptions and see if they resonate with potential customers.

Go on the streets to meet potential buyers of your product,

Start with your network. (Downside is that they may be biased)

Approach the conversation with a sense of curiosity about the customer’s problem and needs, and you’ll get some really valuable insight.

Asking “Why?” is by far the most important question you can ask as it would help you get to the underlying reason behind a customer’s motivation.

End Notes

Knowing the idea to pursue and which one to trash is important and we hope this article has given you some insight into how to validate your idea.

We leave you with some further insights from Kacy (Your Business Buddy) on how to identify that brilliant idea that could change the world.  

#Thrive&Prosper
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