Hi,
First of all, the fact that you want to first validate it and not just rush off and do it is excellent and means that you're already 10 steps ahead of the pack!
I'm happy to try and help. Take a look at one of my past responses, and if you still need help we can set up a call.
https://clarity.fm/questions/6423/how-do-you-do-market-research
Good luck
Assaf is right in knowing that you are ahead when trying to validate an idea before just jumping in. In my experience, you should reach out to someone with experience in whatever field your idea should be. If it's more related to design of a physical product talking to an engineer would be helpful. If you have a business plan, you should find someone who has started some businesses.
I would think that the worst thing you can do is find someone who will just tell you what you want to hear because they want your money. You'll need to find someone that you can trust. This would be someone who offers a fair rate and has experience in what they do.
Do you have any more details on what you are looking for? I'll be happy to help you if I can!
Two sides to validate: 1) that your idea is something people will use and buy. The only way to figure this out is to go out there and talk to potential customers and users or try small tests to gauge their interests in your future product
2) That your idea can turn into a business: talk with advisors, other entrepreneurs and investors. The more you learn from successes and mistakes other people have made, this less mistakes you have to make yourself. Happy to chat on strategy here and discuss any of this further
Three approaches:
1. Evidence-Based Decision Making
2. Test the idea
3. Draw a business map
The outcome is to validate the idea - making a conclusion in the range from good to bad,
If you like to explore any of the 3 approaches, I am happy to help.
That is a great question!
The short answer, in my opinion would be to seek someone who is either an expert or specialized in your field or subject.
For example if you are looking to validate your idea that is related to Automobile - then you probably wouldn't benefit from a licensed carpenter or Stock broker
I hope you get the idea
Todd
Great questions and glad you are thinking about this early on!
1. You can validate your idea with a group of peers or masterminds
2. Depending on how flushed out your idea is, you can take it to your target audience for feedback
3. Validate the idea with experts in your space
There are a few good ways to get feedback from all 3 options and happy to chat more!
I’m going through this exact process with one of my own projects. I’m already learning things that will completely change the offering.
I agree that you want to reach out to potential investors, but make sure you have some sort of confidentiality agreement in place. Admittedly, you may struggle to actually enforce it if breached, but it could protect your idea if it’s especially novel. What you’re really looking for is somebody who can pressure test your idea for you. Investors have heard countless ideas and seen companies fail in every possible way. Their questions and feedback will highlight the risks and assumptions buried in your idea.
With your risks and assumptions out on the table now, you’ll want to run tests and experiments to validate and mitigate. There are entire books on this subject, so I won’t try to reproduce that body of knowledge. Depending on your skill set and how you want to test your idea, you may need to contact some freelancers to help. As just one example, you could test demand for a consumer product by creating a barebones e-commerce store and set the item as always out of stock. You could even pay for Facebook ads to test your messaging. Depending on your familiarity with doing these activities, it may be worth paying somebody to do it, especially if you’re prioritizing speed.
Tip: Open another question describing your idea, for a bit of free validation.
My personal test is what I call the "Sunset Rule".
If I can have an idea in the morning + generate a manual sale (buy hook or crook) before sunset, I figure my idea might be good.
If I can't, I doze the idea under, because it's 2021, so if an idea can't produce a sale by end of day... to me... it's a very bad idea.
Ideas are great. But it depends on what idea you want to validate. Ideas have taken people to places, made them rich, famous and well to do. But a wrong idea can be disastrous. It not only wastes your resources but it takes the most important of all resources-time. So if you have an idea and you want to know maybe you should pursue it or not, you should meet an investment coach if it is about money but if it is about life, then you should meet a councellor to put you through. But if it is a partner in business that you are looking for, then it is better to start improving your connections to the moneybags of society cos they might just be able to help in that regard. If you would want to talk more about this, you can give me a call.
Hello there will be glad to help you with that do text me Denise 8642487400 Thank you
