The first step of any startup is an idea.When you get idea , you start working on it . Many times we spend alot of time and Money to build that product or service . But when we launch our product/service in Market . Many times we find customers are not taking or buying that service/ Product. What happened in that case ? Your startup failed because of lack of proper idea . Because you are thinking this will work . But you did not validate your idea . You did not research on your idea whether customers will take your product/service or not ?So today I am going to tell How to validate your startup idea ?
1. Problem Solving
Ones ask from yourself , which problem you are Going to solve .The problem is big or just a small problem. You are solving a problem of a particular area or you are solving a problem of a country or world.
2.Is there any one Who Tried to solve that problem.
Ones Research on Your idea is there any one who tried to solve that problem whatever you are thinking to solve. Weather they are Succed or Failed. If they succed , then How are you different from them . If they faild , try to understand why they failed and try to learn from their mistake.
3. How Many Specific Features can You List of Your Product/Service ?
If You are able to describe more specific features and If You are able to solve a large Problem then chances to be Successful will be more.
4) Find Out Your Compitators
Having compitators is not bad thing , it only means market is already existing . But You should think , How are you different from them.Because ones ask Question from Your self. If you are not different, why people buy your product/Service. Because Your compitators have more experience .They have old companies and people generally trust on old Companies.
5.Have You done SWOT Analysis ?
SWOT analysis means Strengths, Weakness, opportunities and threats .You should identify all these things for Your startup.
6. Market Size
This is most Important Factor in any Startup. Analyse Market Size , because if you are going to solve a problem and market size is small. You are not going to Scale this business.
So, These are the Few points based on this you can Validate Startup Idea .