Business Idea Validation and Feasibility Study
07th, April 2018 - Guest blog
Planning to Startup?
Got an awesome idea?
Of course, that is the reason you are reading this.
Great. Have you validated your idea? Have you done the feasibility study? Irrespective of your answer yes / no. You must understand and do this.
* Validation means – Will your idea work or not?
* Feasibility means – Will you make it successful or not?
In business sense no idea is right or wrong. We people might not able to give it to success. For example, take any business idea, you will successful and failed names for same idea. So basically Idea is not the problem in most of the cases.
To validate your idea, you can run a simple survey of product acceptance in the market to understand its value and how likely people will prefer to pay for your product and services. Before going for survey discuss your idea with friends, family and well-wisher. Define your idea, product, services, target market and competition on paper, go and get the real-time feedback from target market. Understand and analyse their feedback and again rework on idea, product and services. Repeat the feedback process for couple of times. By this time, you will be having your answer.
Survey Tips –
- Don’t collect favourable and biased responses. I ask people to give genuine and real feedback. To achieve this, you can ask them not to disclose their identity.
- Ask right question. Questionnaire should be designed on the basis of what data you need.
- Have an open ended questions.
- Be ready accept truths.
The second steps to run a feasibility study. Business idea Validation & feasibility is crafted understand certainty your idea, to check sustainability, scalability and pay ability. This is not a guarantee of success. List down all the possible resources required to execute and implement your idea, like Funds, Skills, Expertise, Team, Land, Location, Infrastructure, legal requisites, marketing efforts, sales efforts, operational settings, industry rules, geographic reach and technology etc. Now realistically understand and analyse how many things you can fulfil, how many things you can do with others and what are the things impossible for you. The make a plan and start bridging the gaps. Once you satisfy most of the major requisite then you will get another answer.
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Mr. Yogesh Thite
Mr. Yogesh Thite, Founder & CEO – Meticulous India www.StartupwithMeticulous.in Author is an experienced Startup consultant and founder of Meticulous. Has consulted more than 75 Startups till date.