Numerous ideas pass our minds every day. We look at a problem we face every day and think, “Hey, this would be a great solution; I bet I could make some money out it”. Guess what? Maybe you could! If it was the right kind of idea, with the right investment and resources, you could very well make some money. But the question is, how will you know which idea would be commercially viable and which won’t?
We’re here to help. There is a very simple way to know if your idea would be a commercial success. You need to follow these steps to validate your idea:
Think it through:
Once you think your idea is a good one, jot down its principles. Think of the problem you think it solves. Does it solve the problem entirely? Does it give rise to more issues? If so, can you modify your idea to accommodate their solutions as well? You also have to be sure that your idea is completely new and has solid utility. It shouldn’t be simply another version of something that is already available in the market, but if it is, it must do the job better and be more efficient.
But your idea should be completely original, then only you could really take off, because something entirely original means no competition, or very little competition, in the very least.
For example, this is my idea: An app that scans any piece of clothing you see on the internet that you like, and redirects you to sites that buy similar clothing.
It seems new enough to me, but that doesn’t mean everyone will like it. We need to find out, and that takes us to the next step.
Find at least one person to share your idea with:
You need to find out what potential consumers feel about this idea of yours. They will be able to instantly point you to some flaws that you, as the entrepreneur didn’t think about.
For example, I asked my friend about my idea about the app, and she immediately said, “That sounds like a bit of a drag, how are you going to accommodate that many results without the customer losing patience? There has to be some other filter applied.” I was surprised that I didn’t think of it like that. My idea, after so much thinking was still rudimentary.
And that gave me more insight to my idea, as I realized she had a valid point. You need someone to talk to about your idea so that you can see the flaws in them, and loopholes that you can fix.
Revise your idea:
For this step you need to deliberate carefully about what you’ve learnt from your interactions with people. Write down their suggestions and the problems they might have pointed out, and find solutions to them. Now revamp your idea to accommodate all the new solutions, so that you can have a foolproof idea for a start up. Remember: the more people you talk to, the more feedback you get, and the more you can strengthen your idea.
The best thing about following these three simple steps is that you can apply it to any idea you get about a start-up, no matter what field it is related to, and it works great. You get to know about the weaknesses and strength of the idea, and you can improve it so it becomes infallible.