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10 Ways to Validate Great Startup Ideas

10 Ways to Validate Great Startup Ideas

Do you often have great ideas for a startup business, but then second-guess them? Being an entrepreneur, it is quite common to experience self-doubt, especially when you are just starting out. So how would you really figure out if your idea is worth the risk? What are ways in which you can validate your great business ideas? Here 10 tips to to get you started:

1. Research

Whenever beginning anything, especially a startup, make sure that you do your research well. Researching will certainly turn out to be one of your best friends. Consider various facets of your business, from your competitors to the requirements of the market. If you cannot handle this on your own, then consider hiring an agency that specializes in research.

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2. Talk to Peers

Keeping your idea a best-kept secret could turn out to be poisonous to your startup. Perhaps it is essential to measure whether your ideas are realistic or merely a soon-to-burst bubble. Here, conveying your ideas to peers would be of great benefit to you. It can provide you with different perceptions and insights that enhance your original ideas.

3. Perform Random Questioning

Once you talk to your peers and gauge their input do not stop there. It is suggested to strike up conversations with random strangers assuming them to be your target audience, then convey your ideas to them. Communicating your ideas to strangers from a plethora of backgrounds definitely gives you a broader perspective and figuratively view your ideas from a 360-degree angle.

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4. Study Your Market

Do not sit in your cubicle and cook the ideas, instead get yourself right in the market and study it. Enlarge your network and attempt to analyze the demand of the market. Check to see if your idea is already executed and also check the scopes of improvisation of your idea. It is integral to scrutinize your idea meticulously.

5. Assess the Problem

Always account for the problem that your startup is going to solve. If you examine that there is no problem that your startup idea is going to solve then you probably want to rethink your direction. Any startup gains momentum when it is capable enough to solve one or more problems.

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6. Test it

If you have invested your energy and time into the development of a particular idea, try testing it on a small group. Perhaps you can create a website and analyze the traffic generation alongside the feedback. This would act like a pilot survey with critical feedback that is essential for any business.

7. Supply and Demand

It is important for you to understand if the solution your startup addresses is really in demand or not. Perhaps your idea sounds brilliant but is it really the solution that is in demand? Or are there already existing alternatives? Think about it in detail. If the demand is low and you can’t even create it then there is no point in going ahead with the idea.

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8. Investment

No startup can flourish without investing capital in it. Evaluating your idea based on the investment required is also vital in many senses. Once you decide the amount required to invest in things like land and workforce, you need to calculate the return on investment as well. Your startup idea is worth your resources only if you can find the return on investment exceeding the amount that you have invested.

9. Be Futuristic in Your Approach

Perhaps presently your idea looks brilliant and workable but what about five years from now? When it comes to creating an organization, your views and perceptions are required to be futuristic. Make long-term plans, not just short-term ones. One of the best examples to think of here could be the evolution of e-commerce, dating applications, online booking applications, and so on.

10. Right Place and Right Time

Your idea is absolutely useless if it fails to strike at the right place and right time. The right place and time play a crucial role when it comes to the success of the idea. Perhaps your idea is great and worth a million dollars, but if it is launched and targeted to the customer at the wrong time, then the chances of it being a sensational hit are almost negligible.

Featured photo credit: Know Startup via knowstartup.com

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Bhavik Sarkhedi

Founder of Write Right - A Content Marketing Company

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Last Updated on June 13, 2019

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

Knowledge is power, and you’re going to need a lot of it if you’re going to be able to steer your business to success.

Without further ado, let’s take a look at the 15 best entrepreneurs books to get inspirations about success and grow your business.

1. Think and Grow Rich by Napoleon Hill

    This book has been dubbed the Granddaddy of All Motivational Literature, and it was actually the first book that gave a prescription of what it takes to be a winner.

    Napoleon Hill draws from the stories of millionaires like Henry Ford, Andrew Carnegie, and Thomas Edison to illustrate the principles he put forth.

    Get the book here!

    2. The Lean Startup by Eric Reis

      A lot of startups end up failing, but many of these failures are actually avoidable. The Lean Startup provides a different approach that is now being adopted all over the world and changing the way that companies are developed and products are being launched.

      In The Lean Startup, Eric Reis describes what is required for a company to penetrate the fog of uncertainty in order to discover a path to a sustainable and successful business.

      Get the book here!

      3. The E-Myth Revisited by Michael E. Gerber

        In a revised edition of the 150,000-copy bestseller, The E-Myth, Michael Gerber refutes some of the myths that surround starting your own business and shows just how commonplace assumptions can end up getting in the way of being able to run a successful business.

        Gerber succeeds in walking the reader through the steps that occur in the life of a business, from infancy, through the pains of growing as an adolescent, to the perspective of the mature entrepreneur.

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        Get the book here!

        4. Rework by Jason Fried

          Most of the business books that you get today will give you the same advice: draft a business plan, study the competition, look for investors, and all that.

          However, Rework shows you a more effective, easier and faster means of succeeding when running a business. By reading it, you’ll be able to know why some plans are harmful, why you don’t really need to get investors, and why you’re better of shutting out your competition.

          Get the book here!

          5. How to Win Friends and Influence People by Dale Carnegie

            This is one of the most successful motivational books in history, selling well over 15 million copies since it was released in 1936. The book is timeless, and it appeals to businesses, self-help startups, and general readers.

            Carnegie believes that a lot of successes come from an ability to communicate rather than having brilliant insights. In his book, he teaches how to value others and make them feel appreciated and loved.

            Get the book here!

            6. Outliers: The Story of Success by Malcolm Gladwell

              Through this amazing book, Malcolm Gladwell is able to take the reader on an intellectual journey through the world of ‘outliers’. He asks the question of what truly differentiates high-achievers.

              His answer to this question is that we tend to pay too much attention to what successful people are like, and less attention to where they are actually from.

              Get the book here!

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              7. Rich Dad, Poor Dad by Robert T. Kiyosaki

                This is the best personal finance book ever written. It tells the story of Kiyosaki and his two fathers; his real father, and that of his best friend (his rich dad), as well as how the two men helped him shape his opinions on money and investing.

                It refutes the myth that you need to earn high to become rich, and it distinguishes between working for money and having money work for you.

                Get the book here!

                8. The Ascent of Money: The Financial History of the World by Niall Ferguson

                  Niall Ferguson, in this book, follows the money to tell the story behind the evolution of the word’s financial system, from the beginning way back in ancient Mesopotamia to the latest occurrences in what he had dubbed Planet Finance.

                  Fergusson also reveals financial history as the backstory behind our very own history, with an argument that the evolution of debt and credit is as significant as the history of technological innovation and the rise of civilization.

                  Get the book here!

                  9. Liar’s Poker by Michael Lewis

                    Michael Lewis landed a job at Salomon Brothers after getting out of the London School of Economics and Princeton within three years, he had risen to the rank of bond salesman, making millions for the firm and cashing out steadily.

                    Liar’s Poker is the amalgamation of these years — a look behind the scenes at one of the most turbulent times in American business. His book is Lewis’s account of an era where greed and gluttony were the order of the day.

                    Get the book here!

                    10. Drive: The Surprising Truth about What Motivates Us by Michael H. Pink

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                      A lot of people see money as the best motivator. Michael pink says it’s a mistake.

                      In this provocative book, he asserts that the secret to high performance anywhere is the need to direct our lives, to learn and create, and to do better by our world and ourselves.

                      Get the book here!

                      11. Getting Things Done: The Art of Stress-Free Productivity by David Allen

                        Outdated methods don’t work in today’s world. In this book, Allen shares some awesome methods for stress-free performance that he has shared with thousands of people all over the world.

                        His premise? That productivity is proportional to your ability to relax.

                        Get the book here!

                        12. The 7 Habits of Highly Effective People by Stephen R. Covey

                          In this book, Stephen Covey presents a holistic approach for overcoming both professional and personal issues. With insights and anecdotes, Covey presents a way to live with integrity fairness, service and dignity.

                          Get the book here!

                          13. The 4-Hour Workweek: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss

                            In this book, Ferriss dishes on the tips he has learned from studying the New Rich, a subculture of people who did away with the deferred life plan and mastered time and mobility to developed luxury lifestyles for themselves.

                            If you’re looking to make your way in this revolutionary new world, this here is your compass.

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                            Get the book here!

                            14. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

                              The CEO of Zappos shows how a unique kind of corporate identity can help deliver a huge difference in the way results are being achieved — by creating a company that values and delivers happiness.

                              Get the book here!

                              15. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way by Richard Branson

                                From Virgin Atlantic Airways, Virgin Records and V2 to Virgin Cola, Virgin Megastores and a wide array of other companies, Richard Branson is the rockstar billionaire that a lot of us want to be.

                                Branson, however, did business by following a simple philosophy:

                                “Oh, screw it, let’s do it”

                                Losing My Virginity is an unusual, borderline outrageous autobiography of one of the greatest business geniuses in the world. Branson and his friends named their business “Virgin” because that was what they were — virgins at the game.

                                Since then, he’s written his success rules, creating a global business that has no headquarters, no management structure no corporate identity as it were.

                                Get the book here!

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                                Featured photo credit: rawpixel via unsplash.com

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