It is very important to take into consideration one aspect before you start up and that is validation of your idea.
Validating the idea you want your start-up to be based around means verifying, ratifying and substantiating you idea before actually taking putting your idea into action.
Validation is necessary because entrepreneurship and development of an idea requires immense amount of time and effort because something could actually materialise. So, if one is investing so much into an idea, one needs to be absolutely sure that the idea is feasible and has chances of gaining success without which the whole venture will head to a failure. Also, validation of the idea is crucial for you to plan for the future.
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You can gain a clear idea about the demand for the product or the service, your target audience and also your future expansion plans.
Sample batch:
It is always better to do a thorough market research about your product is going to be received in the market. If the response is more on the positive end, you can be assured that it’s a great idea and will work out well where as if the idea fails with 4 out 5 people from your sample, it is doomed to be a failure with most of them. For this, you need to be careful about selecting your target group and presenting the idea to them as well.
Your friends or colleagues can also serve as great sources of validation. If you look up to someone or are being mentored by someone, they can also serve as validation.
This sample test will also give you much needed insights about your product and help you understand what customers demand thereby giving you a chance to make your product better.
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Self-validation:
For an entrepreneurial success, it is essential that the entrepreneur believes in his/her product and is able to stand up for it because if the maker is not confident, s/he is not in a position to convince others.
Hence, as an entrepreneur, you need to be cent percent sure about your product entirely.