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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

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Last Updated on April 9, 2020

5 Types of Leadership Styles (And Which Is Best for You)

5 Types of Leadership Styles (And Which Is Best for You)

It takes great leadership skills to build great teams.

The best leaders have distinctive leadership styles and are not afraid to make the difficult decisions. They course-correct when mistakes happen, manage the egos of team members and set performance standards that are constantly being met and improved upon.

With a population of more than 327 million, there are literally scores of leadership styles in the world today. In this article, I will talk about the most common types of leadership and how you can determine which works best for you.

5 Types of Leadership Styles

I will focus on 5 common styles that I’ve encountered in my career: democratic, autocratic, transformational, transactional and laissez-faire leadership.

The Democratic Style

The democratic style seeks collaboration and consensus. Team members are a part of decision-making processes and communication flows up, down and across the organizational chart.

The democratic style is collaborative. Author and motivational speaker Simon Sinek is an example of a leader who appears to have a democratic leadership style.

    The Autocratic Style

    The autocratic style, on the other hand, centers the preferences, comfort and direction of the organization’s leader. In many instances, the leader makes decisions without soliciting agreement or input from their team.

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    The autocratic style is not appropriate in all situations at all times, but it can be especially useful in certain careers, such as military service, and in certain instances, such as times of crisis. Steve Jobs was said to have had an autocratic leadership style.

    While the democratic style seeks consensus, the autocratic style is less interested in consensus and more interested in adherence to orders. The latter advises what needs to be done and expects close adherence to orders.

      The Transformational Style

      Transformational leaders drive change. They are either brought into organizations to turn things around, restore profitability or improve the culture.

      Alternatively, transformational leaders may have a vision for what customers, stakeholders or constituents may need in the future and work to achieve those goals. They are change agents who are focused on the future.

      Examples of transformational leader are Oprah and Robert C. Smith, the billionaire hedge fund manager who has offered to pay off the student loan debt of the entire 2019 graduating class of Morehouse College.

        The Transactional Style

        Transactional leaders further the immediate agenda. They are concerned about accomplishing a task and doing what they’ve said they’d do. They are less interested in changing the status quo and more focused on ensuring that people do the specific task they have been hired to do.

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        The transactional leadership style is centered on short-term planning. This style can stifle creativity and keep employees stuck in their present roles.

        The Laissez-Faire Style

        The fifth common leadership style is laissez-faire, where team members are invited to help lead the organization.

        In companies with a laissez-faire leadership style, the management structure tends to be flat, meaning it lacks hierarchy. With laissez-faire leadership, team members might wonder who the final decision maker is or can complain about a lack of leadership, which can translate to lack of direction.

        Which Leadership Style do You Practice?

        You can learn a lot about your leadership style by observing your family of origin and your formative working experiences.

        Whether you realize it, from the time you were born up until the time you went to school, you were receiving information on how to lead yourself and others. From the way your parents and siblings interacted with one another, to unspoken and spoken communication norms, you were a sponge for learning what constitutes leadership.

        The same is true of our formative work experiences. When I started my communications career, I worked for a faith-based organization and then a labor union. The style of communication varied from one organization to the other. The leadership required to be successful in each organization was also miles apart. At Lutheran social services, we used language such as “supporting people in need.” At the labor union, we used language such as “supporting the leadership of workers” as they fought for what they needed.

        Many in the media were more than happy to accept my pitch calls when I worked for the faith-based organization, but the same was not true when I worked for a labor union. The quest for media attention that was fair and balanced became more difficult and my approach and style changed from being light-hearted to being more direct with the labor union.

        I didn’t realize the impact those experiences had on how I thought about my leadership until much later in my career.

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        In my early experience, it was not uncommon for team members to have direct, brash and tough conversations with one another as a matter of course. It was the norm, not the exception. I learned to challenge people, boldly state my desires and preferences, and give tough feedback, but I didn’t account for the actions of others fit for me, as a black woman. I didn’t account for gender biases and racial biases.

        What worked well for my white male bosses, did not work well for me as an African American woman. People experienced my directness as being rude and insensitive. While I needed to be more forceful in advancing the organization’s agenda when I worked for labor, that style did not bode well for faith-based social justice organizations who wanted to use the love of Christ to challenge injustice.

        Whereas I received feedback that I needed to develop more gravitas in the workplace when I worked for labor, when I worked for other organizations after the labor union, I was often told to dial it back. This taught me two important lessons about leadership:

        1. Context Matters

        Your leadership style must adjust to each workplace you are employed. The challenges and norms of an organization will shape your leadership style significantly.

        2. Not All Leadership Styles Are Appropriate for the Teams You’re Leading

        When I worked on political campaigns, we worked nonstop. We started at dawn and worked late into the evening. I couldn’t expect that level of round-the-clock work for people at the average nonprofit. Not only couldn’t I expect it, it was actually unhealthy. My habit of consistently waking up at 4 am to work was profoundly unhealthy for me and harmful for the teams I was leading.

        As life coach and spiritual healer Iyanla Vanzant has said,

        “We learn a lot from what is seen, sensed and shared.”

        The message I was sending to my team was ‘I will value you if you work the way that I work, and if you respond to my 4 am, 5 am and 6 am emails.’ I was essentially telling my employees that I expect you to follow my process and practice.

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        As I advanced in my career and began managing more people, I questioned everything I thought I knew about leadership. It was tough. What worked for me in one professional setting did not work in other settings. What worked at one phase of my life didn’t necessarily serve me at later stages.

        When I began managing millennials, I learned that while committed to the work, they had active interests and passions outside of the office. They were not willing to abandon their lives and happiness for the work, regardless of how fulfilling it might have been.

        The Way Forward

        To be an effective leader, you must know yourself incredibly well. You must be self-reflective and also receptive to feedback.

        As fellow Lifehack contributor Mike Bundrant wrote in the article 10 Essential Leadership Qualities That Make a Great Leader:

        “Those who lead must understand human nature, and they start by fully understanding themselves…They know their strengths, and are equally aware of their weaknesses and thus understand the need for team work and the sharing of responsibility.”

        The way to determine your leadership style is to get to know yourself and to be mindful of the feedback you receive from others. Think about the leadership lessons that were seen, sensed and shared in your family of origin. Then think about what feels right for you. Where do you gravitate and what do you tend to avoid in the context of leadership styles?

        If you are really stuck, think about using a personality assessment to shed light on your work patterns and preferences.

        Finally, the path for determining your leadership style is to think about not only what you need, or what your company values, but also what your team needs. They will give you cues on what works for them and you need to respond accordingly.

        Leadership requires flexibility and attentiveness. Contrary to unrealistic notions of leadership, being a leader is less about being served and more about being of service.

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        Featured photo credit: Unsplash via unsplash.com

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