Good for you! Before you start plugging away and building the product or service for the next 9 months, consider this quote from Eric T. Validating your business idea is critical. Without validation, you could end up completely wasting your time and money on something that no one actually wants or needs. We'll provide you with some great examples of entrepreneurs in action so you can form your own strategy for testing and validating your startup idea.
Validate Your Business Idea -- Quickly -- With These 5 Steps
Validation Plans (VP) | Ofni Systems
A lot of startups begin but fail in the initial years of its inception. No one asks the actual reason for the failure. Some talk about less funding while some speak of the various other issues that dwell amongst the entrepreneurs building their startups. Market validation is the process of validating the viability of the business idea in the target market. In simple terms, it refers to a process of determining whether your business idea is of any interest to your target audiences. Market validation gets done in the initial days of the ideation phase and before having any significant amount of investment in it.
Lean Market Validation: 10 Ways to Rapidly Test Your Startup Idea
Plan validation completes the policy integration, risk assessment, impact analysis, recovery strategy selection and Continuity Plan program awareness and training steps. BCP highly recommends that you don't come up short on this checklist. Plan validation is a key measure of the success of your Business Continuity Planning program. Let us know any comments you may have on this checklist and what you are doing for Plan validation. We intend to put some of the comments received on our website, so let us know if we can list yours and check back to see what others have said.
You might have a world-beating product, which came out of the best research and development lab, but it could still fail in the market! Validation of a business idea is as important as the product itself. In the rush to bring the product to market merely based on strengths and beliefs, entrepreneurs often tend to ignore validation of the product or the entire business itself. Business validation is a must in view of the inherent risks associated with entering the market without even knowing if you have got it right from the beginning.