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MenuTo validate a business idea and create a specific strategy, I'll start by conducting thorough market research to understand my target audience's needs. For instance, if I'm considering a subscription box service for eco-friendly products, I'll research consumer preferences for sustainable goods and competitors in the market. Next, I'll develop a simple Minimum Viable Product (MVP), perhaps featuring a curated set of eco-friendly items, and gather feedback from a small group of potential customers. Based on their input, I'll refine the product offering and iterate as needed. Alongside, I'll outline a clear business model focusing on subscription pricing and calculate basic financial projections to ensure profitability. Finally, I'll plan a pilot launch to test the concept on a small scale, utilising social media and targeted online ads for initial customer acquisition. This step-by-step approach will help me validate demand, fine-tune the offering, and establish a strategic foundation before committing to larger investments in materials and full-scale operations. Hope this helps - but more than happy to chat further as I've been through this cycle more than 4 times with a successful exit. No written rule, but always great to learn from experience and iterate fast.
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