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<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>Came up with a great Business Idea? What Next? | HackerNoon</title><meta name="description" content="Do you have a million-dollar <a href="https://hackernoon.com/tagged/business" target="_blank">business</a> <a href="https://hackernoon.com/tagged/idea" target="_blank">idea</a> in your mind and don’t know <strong>HOW</strong> to proceed? Whether it is worth, investing time, money and effort?"/><meta property="og:title" content="Came up with a great Business Idea? What Next? | HackerNoon"/><meta property="og:description" content="Do you have a million-dollar <a href="https://hackernoon.com/tagged/business" target="_blank">business</a> <a href="https://hackernoon.com/tagged/idea" target="_blank">idea</a> in your mind and don’t know <strong>HOW</strong> to proceed? Whether it is worth, investing time, money and effort?"/><meta name="image" property="og:image" content="https://hackernoon.imgix.net/fallback-feat.png"/><meta property="twitter:title" content="Came up with a great Business Idea? What Next? | HackerNoon"/><meta property="twitter:description" content="Do you have a million-dollar <a href="https://hackernoon.com/tagged/business" target="_blank">business</a> <a href="https://hackernoon.com/tagged/idea" target="_blank">idea</a> in your mind and don’t know <strong>HOW</strong> to proceed? Whether it is worth, investing time, money and effort?"/><meta property="twitter:image" content="https://hackernoon.imgix.net/fallback-feat.png"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:site" content="@hackernoon"/><link rel="canonical" href="https://hackernoon.com/6-steps-to-validating-your-startup-idea-d3ba64187bf"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"Article","name":"Came up with a great Business Idea? What Next?","headline":"Came up with a great Business Idea? What Next?","author":{"@type":"Person","name":"Neeraj "},"datePublished":"2017-02-05","image":"https://hackernoon.imgix.net/fallback-feat.png","articleSection":"market-research","articleBody":"6 steps to validate your business idea CREDIT: Pinterest Do you have a million-dollar in your mind and don’t know to proceed? Whether it is worth, investing time, money and effort? business idea HOW This is the question that haunts many and stops them from working on their business idea. The reason behind this is lack of insightful data available online to guide one through the steps. That’s where my motivation comes from to write this blog. entrepreneurs In this blog, you will figure out things if you have a great new business idea. WHAT to do, HOW to do, WHEN to do and WHY to do CREDIT: Imgrum The above image distinguishes a from . Guys stop being a , think of a new business idea, do a set of exercises or validations before taking a decision on whether to move forward with the business idea or not and make a business out of it. Here are 6 early steps you can take if you have a great business idea in mind: wantrepreneur entrepreneur wantrepreneur 1. Explore the WHY and Define the WHO : The first step is to think about the reason behind the business idea. Why did the business idea pop up into your head? What is the problem it is trying to solve? Deep dive into finding the actual problem and stating it. Does the problem exist for everyone? or Just you? Define the for which it exists. Those people are your . Validate the existence of the problem by talking with them. Whether they have experienced it or not? If yes often? If you can’t clearly think of the problem it tries to solve, or your don’t consider it as a real problem, either change your or Think of a new problem to solve. market segment target customers HOW target customers target customers I am writing this blog to solve the I asked my buddies, whether they have faced this problem or not? Is it actually a problem? For example: problems faced by entrepreneurs (WHO) in validating their business ideas (WHY). (problem validation) For in-depth understanding of the concepts explained in this step kindly click on the following link: Chapter #1 : A Unique Way to Problem Identification and Validation 2. Search for existing solutions: Search for existing solutions. Search the internet, discuss with friends, colleagues etc. Check how effectively the solutions have been implemented, whether they solve the problem or not, if yes then how efficiently? If you can’t find any implemented solutions, explore the behind it. Don’t proceed to the next step until you have discovered the . WHY WHY I searched for solutions online, but couldn't find any of the available solutions solving the problem effectively. I went through many blogs, articles, websites but each one of them i.e. structured, user-friendly and comprehensive framework . For example: lacked the very basic thing (ineffective implementation) 3. Define the WHAT: This is the step in which you come up with a solution. Framing your solution depends on the result of the above step. Think about what form your solution will take, Will it be a product? Service? What will be the key features of the product? At this stage just think of features necessary to solve the problem at hand. Note down the features defined for each one of them. Create a basic layout of your product will look, with key features embedded. Be ready for changes, as the next step involves going out and exploring the market. with the WHY HOW I figured out that I will write a blog for a start. I have defined my product here. With time, as I get more and more feedback, I will shape the journey of my product. For example: 4. Do Market research: After you have the figured out, get out of your comfort zone, go out and explore the market out there. This is the most important step in the whole process as it defines the practicality of your product’s success. WHAT Talk with your , pitch them your business idea, show them the , ask how much they would pay for it? Whether they would recommend it to their friends/relatives or not? potential customers wireframes Check out your , their , market hold, products and compare it with yours. Talk with start-up founders, investors, take their advice and feedback. competitors market share Also analyze the present and future trends of technology, government rules and regulations, investments and other limitations in your play-field. After this step, you will have a clearer idea about your product should be. Incorporate all the feedbacks captured in this step to shape the WHAT WHAT. 5. Figure out the HOW: After passing through all the above phases, you have pretty much everything figured out. One thing that remains is figuring out the HOW. You have the requirements from above phases, state them all down in this step. Figure out of the initial funds, and of building product, of making money, of product timeline. (Basically figuring out the ability and time required) the HOW much and HOW HOW WHO HOW WHAT 6. Build and Test: We haven’t built anything until now. This is the step where we start to build the product. We build the here. Build, test it on real customers, derive learnings and iterate. There are many ways in which you can build and test an . You can find many articles online on it, choose the technique that best suits your case. This step marks the end of validation phases, of the business idea . MVP MVP One thing I want to quote here: “Build in Phases, Release early, Learn early”. I am doing research in finding the actual reason behind the high attrition rate after the Ideation phase. Kindly fill in the survey and help me complete it. Thanks a lot And with that, I will close for the week. I am open for suggestions and feedback on the technical details of the blog. Also you can join my group “ ” to . You can comment here to share what you think. I am little confused about the content of my next blog, I think you guys can help me with that. :p PushStart validate your Business Idea in seconds I got motivation to write about this from the readings of , , , , , , , , and from the blogs of , , , , , , Nir Eyal Eric Ries Dan Norris Sangeet Paul Choudary steve blank Sujan Patel Dan Pedersen Erik Devaney Derek Andersen Matter The Startup Startup Grind Startups Co The Mission Mashable Techcrunch , Inc.com , The Verge and Wired . Also Hey, if you like what you just read, please this resource by hitting the green “ ” icon, it on so that other people may also stumble upon this. like Recommend share Twitter or Facebook You can always contact me personally on , , or over . on to get access to more such blogs in future. 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loading="lazy"/></noscript></span></span></div></div></div><div class="divider-line"></div><div class="tldr-langs"><div class="sc-93e186d7-5 fEpdfH"><div class="sc-93e186d7-4 ehdhzV"><div class="sc-93e186d7-1 eiYCFa"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2750%27%20height=%2715%27/%3e"/></span><img alt="Open TLDR" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="tldr-logo" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Open TLDR" srcSet="https://hackernoon.imgix.net/tl;dr-dark.png?auto=format&fit=max&w=64 1x, https://hackernoon.imgix.net/tl;dr-dark.png?auto=format&fit=max&w=128 2x" src="https://hackernoon.imgix.net/tl;dr-dark.png?auto=format&fit=max&w=128" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="tldr-logo" loading="lazy"/></noscript></span><img src="https://hackernoon.imgix.net/arrow-dark.png" alt="tldt arrow" width="12px" height="12px" class="tldr-arrow "/></div></div></div><div class="sc-93e186d7-3 bhpHZN"></div></div><div class="tldr-no-show"><h2>Too Long; Didn't Read</h2>Do you have a million-dollar <a href="https://hackernoon.com/tagged/business" target="_blank">business</a> <a href="https://hackernoon.com/tagged/idea" target="_blank">idea</a> in your mind and don’t know <strong>HOW</strong> to proceed? Whether it is worth, investing time, money and effort?<div class="mentions-container"><div class="mentions-box"><h3>People Mentioned</h3><div class="mentions-img-wrapper"><div class="sc-93e186d7-6 dPrQoP"><a href="/u/nireyal" style="text-align:left" target="_blank" rel="noopener noreferrer"><div class="img"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2730%27%20height=%2730%27/%3e"/></span><img data-tip="true" data-for="tldr-mention-nireyal" alt="Mention Thumbnail" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="img" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img data-tip="true" data-for="tldr-mention-nireyal" alt="Mention Thumbnail" srcSet="https://hackernoon.imgix.net/avatars/robot-a4.png?auto=format&fit=max&w=32 1x, https://hackernoon.imgix.net/avatars/robot-a4.png?auto=format&fit=max&w=64 2x" src="https://hackernoon.imgix.net/avatars/robot-a4.png?auto=format&fit=max&w=64" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="img" loading="lazy"/></noscript></span></div></a></div><div class="sc-93e186d7-6 dPrQoP"><a href="/u/sujanpatel545" style="text-align:left" target="_blank" rel="noopener noreferrer"><div class="img"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2730%27%20height=%2730%27/%3e"/></span><img data-tip="true" data-for="tldr-mention-sujanpatel545" alt="Mention Thumbnail" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="img" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img data-tip="true" data-for="tldr-mention-sujanpatel545" alt="Mention Thumbnail" srcSet="https://hackernoon.imgix.net/fallback-profile.png?auto=format&fit=max&w=32 1x, https://hackernoon.imgix.net/fallback-profile.png?auto=format&fit=max&w=64 2x" src="https://hackernoon.imgix.net/fallback-profile.png?auto=format&fit=max&w=64" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="img" loading="lazy"/></noscript></span></div></a></div></div></div><div class="mentions-box"><h3>Companies Mentioned</h3><div class="mentions-img-wrapper"><div title="Facebook" class="sc-93e186d7-6 dPrQoP"><a href="/company/facebook" style="text-align:left" target="_blank" rel="noopener noreferrer"><div class="img"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2730%27%20height=%2730%27/%3e"/></span><img data-tip="true" data-for="tldr-mention-facebook" alt="Mention Thumbnail" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="img" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img data-tip="true" data-for="tldr-mention-facebook" alt="Mention Thumbnail" src="http://logo.bigpicture.io/logo/facebook.com" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="img" loading="lazy"/></noscript></span></div></a></div><div title="Mashable" class="sc-93e186d7-6 dPrQoP"><a href="/company/mashable" style="text-align:left" target="_blank" rel="noopener noreferrer"><div class="img"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2730%27%20height=%2730%27/%3e"/></span><img data-tip="true" data-for="tldr-mention-mashable" alt="Mention Thumbnail" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="img" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img data-tip="true" data-for="tldr-mention-mashable" alt="Mention Thumbnail" src="http://logo.bigpicture.io/logo/mashable.com" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="img" loading="lazy"/></noscript></span></div></a></div></div></div></div></div></div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271000%27%20height=%27500%27/%3e"/></span><img alt="featured image - Came up with a great Business Idea? What Next?" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container feat" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="featured image - Came up with a great Business Idea? What Next?" srcSet="https://hackernoon.imgix.net/fallback-feat.png?auto=format&fit=max&w=1080 1x, https://hackernoon.imgix.net/fallback-feat.png?auto=format&fit=max&w=2048 2x" src="https://hackernoon.imgix.net/fallback-feat.png?auto=format&fit=max&w=2048" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container feat" loading="lazy"/></noscript></span><div class="sc-6d048d67-0 buhXYs profile"><div class="sc-6d048d67-1 cziptZ"><div class="profileImageContainer "><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img data-for="author-tooltip" data-tip="true" data-delay-hide="200" alt="Neeraj HackerNoon profile picture" href="/u/jneeraj0807" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="fill" class="profileImage " style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/><noscript><img data-for="author-tooltip" data-tip="true" data-delay-hide="200" alt="Neeraj HackerNoon profile picture" href="/u/jneeraj0807" sizes="100vw" srcSet="https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 640w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 750w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 828w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 1080w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 1200w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 1920w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 2048w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max 3840w" src="https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=100&auto=format&fit=max" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover" class="profileImage " loading="lazy"/></noscript></span></div></div></div><div><div class="sc-2e79ac2f-0 ktrYOp"><div><h2>6 steps to validate your business idea</h2> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271024%27%20height=%27657%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*xFqSTPwZt9UwpRcLaRd-bw.jpeg?auto=format&fit=max&w=1080 1x, https://hackernoon.imgix.net/hn-images/1*xFqSTPwZt9UwpRcLaRd-bw.jpeg?auto=format&fit=max&w=2048 2x" src="https://hackernoon.imgix.net/hn-images/1*xFqSTPwZt9UwpRcLaRd-bw.jpeg?auto=format&fit=max&w=2048" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>CREDIT: Pinterest</p> <p>Do you have a million-dollar <a href="https://hackernoon.com/tagged/business?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">business</a> <a href="https://hackernoon.com/tagged/idea?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">idea</a> in your mind and don’t know <strong>HOW</strong> to proceed? Whether it is worth, investing time, money and effort?</p> <p>This is the question that haunts many <a href="https://www.quora.com/What-is-an-entrepreneur?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>entrepreneurs</strong></a> and stops them from working on their business idea. The reason behind this is lack of insightful data available online to guide one through the steps. That’s where my motivation comes from to write this blog.</p> <p>In this blog, you will figure out <strong>WHAT to do, HOW to do, WHEN to do and WHY to do</strong> things if you have a great new business idea.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27750%27%20height=%27728%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*0hRVNKlChiGvdej9pjtIGg.jpeg?auto=format&fit=max&w=750 1x, https://hackernoon.imgix.net/hn-images/1*0hRVNKlChiGvdej9pjtIGg.jpeg?auto=format&fit=max&w=1920 2x" src="https://hackernoon.imgix.net/hn-images/1*0hRVNKlChiGvdej9pjtIGg.jpeg?auto=format&fit=max&w=1920" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>CREDIT: Imgrum</p> <p>The above image distinguishes a <a href="https://www.quora.com/What-is-a-wantrepreneur?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>wantrepreneur</strong></a> from <a href="https://www.quora.com/What-is-an-entrepreneur?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>entrepreneur</strong></a>. Guys stop being a <a href="https://www.quora.com/What-is-a-wantrepreneur?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>wantrepreneur</strong></a>, think of a new business idea, do a set of exercises or validations before taking a decision on whether to move forward with the business idea or not and make a business out of it. Here are 6 early steps you can take if you have a great business idea in mind:</p> <h4><strong>1.</strong> <a href="https://medium.com/@jneeraj0807/first-step-to-validate-your-business-idea-e24d357768ee?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Explore the WHY and Define the WHO</strong></a><strong>:</strong></h4> <p>The first step is to think about the reason behind the business idea. Why did the business idea pop up into your head? What is the problem it is trying to solve? Deep dive into finding the actual problem and stating it.</p> <p>Does the problem exist for everyone? or Just you? Define the <a href="https://en.wikipedia.org/wiki/Market_segmentation?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>market segment</strong></a> for which it exists. Those people are your <a href="https://en.wikipedia.org/wiki/Target_market?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>target customers</strong></a>. Validate the existence of the problem by talking with them. Whether they have experienced it or not? If yes <strong>HOW</strong> often? If you can’t clearly think of the problem it tries to solve, or your <a href="https://en.wikipedia.org/wiki/Target_market?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>target customers</strong></a> don’t consider it as a real problem, either change your <a href="https://en.wikipedia.org/wiki/Target_market?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>target customers</strong></a> or Think of a new problem to solve.</p> <p><strong>For example:</strong> I am writing this blog to solve the <strong>problems faced by</strong> <a href="https://www.quora.com/What-is-an-entrepreneur?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>entrepreneurs</strong></a> <strong>(WHO) in validating their business</strong> <strong>ideas (WHY).</strong> I asked my buddies, whether they have faced this problem or not? Is it actually a problem? <strong>(problem validation)</strong></p> <p>For in-depth understanding of the concepts explained in this step kindly click on the following link:</p> <h4>Chapter #1 : <a href="https://medium.com/@jneeraj0807/first-step-to-validate-your-business-idea-e24d357768ee?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">A Unique Way to Problem Identification and Validation</a></h4> <h4><strong>2. Search for existing solutions:</strong></h4> <p>Search for existing solutions. Search the internet, discuss with friends, colleagues etc. Check how effectively the solutions have been implemented, whether they solve the problem or not, if yes then how efficiently? If you can’t find any implemented solutions, explore the <strong>WHY</strong> behind it. Don’t proceed to the next step until you have discovered the <strong>WHY</strong>.</p> <p><strong>For example:</strong> I searched for solutions online, but couldn't find any of the available solutions solving the problem effectively. I went through many blogs, articles, websites but each one of them <strong>lacked the very basic thing</strong> i.e. structured, user-friendly and comprehensive framework <strong>(ineffective implementation)</strong>.</p> <h4><strong>3. Define the WHAT:</strong></h4> <p>This is the step in which you come up with a solution. Framing your solution depends on the result of the above step. Think about what form your solution will take, Will it be a product? Service? What will be the key features of the product? At this stage just think of features necessary to solve the problem at hand. Note down the features <strong>with the WHY</strong> defined for each one of them. Create a basic layout of <strong>HOW</strong> your product will look, with key features embedded. Be ready for changes, as the next step involves going out and exploring the market.</p> <p><strong>For example:</strong> I figured out that I will write a blog for a start. I have defined my product here. With time, as I get more and more feedback, I will shape the journey of my product.</p> <h4><strong>4. Do Market research:</strong></h4> <p>After you have the <strong>WHAT</strong> figured out, get out of your comfort zone, go out and explore the market out there. This is the most important step in the whole process as it defines the practicality of your product’s success.</p> <p>Talk with your <a href="http://www.burstcreative.com.au/graphic-design/potential-customers/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>potential customers</strong></a>, pitch them your business idea, show them the <a href="http://www.experienceux.co.uk/faqs/what-is-wireframing/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>wireframes</strong></a>, ask how much they would pay for it? Whether they would recommend it to their friends/relatives or not?</p> <p>Check out your <strong>competitors</strong>, their <a href="https://en.wikipedia.org/wiki/Market_share?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>market share</strong></a>, market hold, products and compare it with yours. Talk with start-up founders, investors, take their advice and feedback.</p> <p>Also analyze the present and future trends of technology, government rules and regulations, investments and other limitations in your play-field.</p> <p>After this step, you will have a clearer idea about <strong>WHAT</strong> your product should be. Incorporate all the feedbacks captured in this step to shape the <strong>WHAT.</strong></p> <h4><strong>5. Figure out the HOW:</strong></h4> <p>After passing through all the above phases, you have pretty much everything figured out. One thing that remains is figuring out the <strong>HOW.</strong></p> <p>You have the requirements from above phases, state them all down in this step. Figure out <strong>the HOW much and HOW</strong> of the initial funds, <strong>HOW</strong> and <strong>WHO</strong> of building product, <strong>HOW</strong> of making money, <strong>WHAT</strong> of product timeline. (Basically figuring out the ability and time required)</p> <h4><strong>6. Build and Test:</strong></h4> <p>We haven’t built anything until now. This is the step where we start to build the product. We build the <a href="https://en.wikipedia.org/wiki/Minimum_viable_product?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>MVP</strong></a> here. Build, test it on real customers, derive learnings and iterate. There are many ways in which you can build and test an <a href="https://en.wikipedia.org/wiki/Minimum_viable_product?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>MVP</strong></a>. You can find many articles online on it, choose the technique that best suits your case. This step marks the end of validation phases, of the business idea .</p> <p>One thing I want to quote here: <strong>“Build in Phases, Release early, Learn early”.</strong></p> <p>I am doing research in finding the actual reason behind the high attrition rate after the Ideation phase. Kindly fill in the survey and help me complete it.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271200%27%20height=%27630%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://lh3.googleusercontent.com/rKMAPXZClE70SFuXV4FJ9ixDrdAkqEiKcFSpfoHDQ8XwqtKRzel881TBtpk02JyI6d8=w1200-h630-p?auto=format&fit=max&w=1200 1x, https://lh3.googleusercontent.com/rKMAPXZClE70SFuXV4FJ9ixDrdAkqEiKcFSpfoHDQ8XwqtKRzel881TBtpk02JyI6d8=w1200-h630-p?auto=format&fit=max&w=3840 2x" src="https://lh3.googleusercontent.com/rKMAPXZClE70SFuXV4FJ9ixDrdAkqEiKcFSpfoHDQ8XwqtKRzel881TBtpk02JyI6d8=w1200-h630-p?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Thanks a lot</p> <p>And with that, I will close for the week. I am open for suggestions and feedback on the technical details of the blog. Also you can join my group “<a href="https://www.facebook.com/groups/1298982173495733/?ref=aymt_homepage_panel" target="_blank" rel="noopener noreferrer ugc"><strong>PushStart</strong></a>” to <strong>validate your Business Idea in seconds</strong>. You can comment here to share what you think. I am little confused about the content of my next blog, I think you guys can help me with that. :p</p> <p>I got motivation to write about this from the readings of <a href="https://medium.com/@nireyal?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Nir Eyal</a>, <a href="https://medium.com/@ericries?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Eric Ries</a>, <a href="https://medium.com/@thedannorris?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Dan Norris</a>, <a href="https://medium.com/@sanguit?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Sangeet Paul Choudary</a>, <a href="https://medium.com/@sgblank?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">steve blank</a>, <a href="https://medium.com/@sujanpatel?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Sujan Patel</a>, <a href="https://medium.com/@danpedersen?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Dan Pedersen</a>, <a href="https://medium.com/@bardofboston?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Erik Devaney</a>, <a href="https://medium.com/@DerekjAndersen?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Derek Andersen</a> and from the blogs of <a href="https://medium.com/matter?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Matter</a>, <a href="https://medium.com/swlh?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">The Startup</a>, <a href="https://medium.com/startup-grind?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Startup Grind</a>, <a href="https://medium.com/startupsco?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Startups Co</a>, <a href="https://medium.com/the-mission?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">The Mission</a>, <a href="http://mashable.com/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Mashable</strong></a>, <a href="https://techcrunch.com/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Techcrunch</strong></a><strong>,</strong> <a href="http://www.inc.com/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Inc.com</strong></a><strong>,</strong> <a href="http://www.theverge.com/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>The Verge</strong></a> <strong>and</strong> <a href="https://www.wired.com/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Wired</strong></a><strong>.</strong></p> <p>Also Hey, if you like what you just read, please <strong>like</strong> this resource by hitting the green “<strong>Recommend</strong>” icon, <strong>share</strong> it on <strong>Twitter or Facebook</strong> so that other people may also stumble upon this.</p> <p>You can always contact me personally on <a href="https://www.linkedin.com/in/jneeraj0807?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Linkedin</strong></a>, <a href="https://twitter.com/jneeraj0807?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Twitter</strong></a>, <a href="https://www.facebook.com/jneeraj0807?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Facebook</strong></a> or over <a href="http://0807jneeraj@gmail.com/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Mail</strong></a>. <strong>Follow me</strong> on <a href="https://medium.com/@jneeraj0807?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc"><strong>Medium</strong></a> to get access to more such blogs in future.</p></div><div style="visibility:hidden" class="sc-2e79ac2f-8 cdKvIK"><button><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 22 22" width="22" style="width:18px;fill:white"><path style="width:18px;fill:white" d="M16 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class="avatar "><a href="/u/jneeraj0807"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="Neeraj HackerNoon profile picture" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/><noscript><img alt="Neeraj HackerNoon profile picture" sizes="100vw" srcSet="https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=200&auto=format&fit=max 640w, https://hackernoon.imgix.net/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg?w=200&auto=format&fit=max 750w, 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Customized Experience. Curated Stories. Publish Your Ideas </strong></a></div></div></main></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"data":{"pageLang":"en","datePublished":"2017-02-05","slug":"6-steps-to-validating-your-startup-idea-d3ba64187bf","articleBody":"6 steps to validate your business idea CREDIT: Pinterest Do you have a million-dollar in your mind and don’t know to proceed? Whether it is worth, investing time, money and effort? business idea HOW This is the question that haunts many and stops them from working on their business idea. The reason behind this is lack of insightful data available online to guide one through the steps. That’s where my motivation comes from to write this blog. entrepreneurs In this blog, you will figure out things if you have a great new business idea. WHAT to do, HOW to do, WHEN to do and WHY to do CREDIT: Imgrum The above image distinguishes a from . Guys stop being a , think of a new business idea, do a set of exercises or validations before taking a decision on whether to move forward with the business idea or not and make a business out of it. Here are 6 early steps you can take if you have a great business idea in mind: wantrepreneur entrepreneur wantrepreneur 1. Explore the WHY and Define the WHO : The first step is to think about the reason behind the business idea. Why did the business idea pop up into your head? What is the problem it is trying to solve? Deep dive into finding the actual problem and stating it. Does the problem exist for everyone? or Just you? Define the for which it exists. Those people are your . Validate the existence of the problem by talking with them. Whether they have experienced it or not? If yes often? If you can’t clearly think of the problem it tries to solve, or your don’t consider it as a real problem, either change your or Think of a new problem to solve. market segment target customers HOW target customers target customers I am writing this blog to solve the I asked my buddies, whether they have faced this problem or not? Is it actually a problem? For example: problems faced by entrepreneurs (WHO) in validating their business ideas (WHY). (problem validation) For in-depth understanding of the concepts explained in this step kindly click on the following link: Chapter #1 : A Unique Way to Problem Identification and Validation 2. Search for existing solutions: Search for existing solutions. Search the internet, discuss with friends, colleagues etc. Check how effectively the solutions have been implemented, whether they solve the problem or not, if yes then how efficiently? If you can’t find any implemented solutions, explore the behind it. Don’t proceed to the next step until you have discovered the . WHY WHY I searched for solutions online, but couldn't find any of the available solutions solving the problem effectively. I went through many blogs, articles, websites but each one of them i.e. structured, user-friendly and comprehensive framework . For example: lacked the very basic thing (ineffective implementation) 3. Define the WHAT: This is the step in which you come up with a solution. Framing your solution depends on the result of the above step. Think about what form your solution will take, Will it be a product? Service? What will be the key features of the product? At this stage just think of features necessary to solve the problem at hand. Note down the features defined for each one of them. Create a basic layout of your product will look, with key features embedded. Be ready for changes, as the next step involves going out and exploring the market. with the WHY HOW I figured out that I will write a blog for a start. I have defined my product here. With time, as I get more and more feedback, I will shape the journey of my product. For example: 4. Do Market research: After you have the figured out, get out of your comfort zone, go out and explore the market out there. This is the most important step in the whole process as it defines the practicality of your product’s success. WHAT Talk with your , pitch them your business idea, show them the , ask how much they would pay for it? Whether they would recommend it to their friends/relatives or not? potential customers wireframes Check out your , their , market hold, products and compare it with yours. Talk with start-up founders, investors, take their advice and feedback. competitors market share Also analyze the present and future trends of technology, government rules and regulations, investments and other limitations in your play-field. After this step, you will have a clearer idea about your product should be. Incorporate all the feedbacks captured in this step to shape the WHAT WHAT. 5. Figure out the HOW: After passing through all the above phases, you have pretty much everything figured out. One thing that remains is figuring out the HOW. You have the requirements from above phases, state them all down in this step. Figure out of the initial funds, and of building product, of making money, of product timeline. (Basically figuring out the ability and time required) the HOW much and HOW HOW WHO HOW WHAT 6. Build and Test: We haven’t built anything until now. This is the step where we start to build the product. We build the here. Build, test it on real customers, derive learnings and iterate. There are many ways in which you can build and test an . You can find many articles online on it, choose the technique that best suits your case. This step marks the end of validation phases, of the business idea . MVP MVP One thing I want to quote here: “Build in Phases, Release early, Learn early”. I am doing research in finding the actual reason behind the high attrition rate after the Ideation phase. Kindly fill in the survey and help me complete it. Thanks a lot And with that, I will close for the week. I am open for suggestions and feedback on the technical details of the blog. Also you can join my group “ ” to . You can comment here to share what you think. I am little confused about the content of my next blog, I think you guys can help me with that. :p PushStart validate your Business Idea in seconds I got motivation to write about this from the readings of , , , , , , , , and from the blogs of , , , , , , Nir Eyal Eric Ries Dan Norris Sangeet Paul Choudary steve blank Sujan Patel Dan Pedersen Erik Devaney Derek Andersen Matter The Startup Startup Grind Startups Co The Mission Mashable Techcrunch , Inc.com , The Verge and Wired . Also Hey, if you like what you just read, please this resource by hitting the green “ ” icon, it on so that other people may also stumble upon this. like Recommend share Twitter or Facebook You can always contact me personally on , , or over . on to get access to more such blogs in future. Linkedin Twitter Facebook Mail Follow me Medium","arweave":"YdvptOPAqQkd6SEX8Ly5KnpMtAzTFwxpvxcb-EbHFUg","createdAt":"2017-02-05T10:20:21.351Z","excerpt":"Do you have a million-dollar \u003ca href=\"https://hackernoon.com/tagged/business\" target=\"_blank\"\u003ebusiness\u003c/a\u003e \u003ca href=\"https://hackernoon.com/tagged/idea\" target=\"_blank\"\u003eidea\u003c/a\u003e in your mind and don’t know \u003cstrong\u003eHOW\u003c/strong\u003e to proceed? Whether it is worth, investing time, money and effort?","featureImgColor":"rgb(4 251 4 / 70%)","firstSeenAt":false,"id":"6-steps-to-validating-your-startup-idea-d3ba64187bf","imageSizes":{"https://lh3.googleusercontent.com/rKMAPXZClE70SFuXV4FJ9ixDrdAkqEiKcFSpfoHDQ8XwqtKRzel881TBtpk02JyI6d8=w1200-h630-p":{"width":1200,"height":630},"https://hackernoon.com/hn-images/1*xFqSTPwZt9UwpRcLaRd-bw.jpeg":{"width":1024,"height":657},"https://hackernoon.com/hn-images/1*0hRVNKlChiGvdej9pjtIGg.jpeg":{"width":750,"height":728}},"mainImage":"https://hackernoon.imgix.net/fallback-feat.png","mainImageHeight":500,"mainImageWidth":1000,"mentions":[{"image":"http://logo.bigpicture.io/logo/facebook.com","name":"Facebook","collection":"companies","id":"facebook","manual":false},{"image":"http://logo.bigpicture.io/logo/mashable.com","name":"Mashable","collection":"companies","id":"mashable","manual":false},{"image":"http://logo.bigpicture.io/logo/target.com","name":"Target","id":"target","collection":"companies","manual":false},{"image":"http://logo.bigpicture.io/logo/techcrunch.com","name":"Techcrunch","id":"techcrunch","collection":"companies","manual":false},{"image":"http://logo.bigpicture.io/logo/theverge.com","name":"The Verge","collection":"companies","id":"theverge","manual":false},{"image":"http://logo.bigpicture.io/logo/twitter.com","name":"Twitter","collection":"companies","id":"twitter","manual":false},{"image":"https://cdn.hackernoon.com/avatars/robot-a4.png","displayName":"Nir Eyal","handle":"nireyal","collection":"profiles","manual":false,"url":"https://hackernoon.com/u/nireyal"},{"image":"https://hackernoon.com/fallback-profile.png","displayName":"Sujan Patel","handle":"sujanpatel545","collection":"profiles","manual":false,"url":"https://hackernoon.com/u/sujanpatel545"},{"image":"https://hackernoon.com/avatars/3aV1HuuXxHTtj4cYvkEKNcR3iX32.png","displayName":"The Verge","handle":"verge","collection":"profiles","manual":false,"url":"https://hackernoon.com/u/verge"}],"owner":"ogeYbTfaS2XizwERECQXlx67rYL2","parentCategory":"media","parsed":"\u003ch2\u003e6 steps to validate your business idea\u003c/h2\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*xFqSTPwZt9UwpRcLaRd-bw.jpeg\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eCREDIT: Pinterest\u003c/p\u003e\n\u003cp\u003eDo you have a million-dollar \u003ca href=\"https://hackernoon.com/tagged/business\"\u003ebusiness\u003c/a\u003e \u003ca href=\"https://hackernoon.com/tagged/idea\"\u003eidea\u003c/a\u003e in your mind and don’t know \u003cstrong\u003eHOW\u003c/strong\u003e to proceed? Whether it is worth, investing time, money and effort?\u003c/p\u003e\n\u003cp\u003eThis is the question that haunts many \u003ca href=\"https://www.quora.com/What-is-an-entrepreneur\"\u003e\u003cstrong\u003eentrepreneurs\u003c/strong\u003e\u003c/a\u003e and stops them from working on their business idea. The reason behind this is lack of insightful data available online to guide one through the steps. That’s where my motivation comes from to write this blog.\u003c/p\u003e\n\u003cp\u003eIn this blog, you will figure out \u003cstrong\u003eWHAT to do, HOW to do, WHEN to do and WHY to do\u003c/strong\u003e things if you have a great new business idea.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*0hRVNKlChiGvdej9pjtIGg.jpeg\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eCREDIT: Imgrum\u003c/p\u003e\n\u003cp\u003eThe above image distinguishes a \u003ca href=\"https://www.quora.com/What-is-a-wantrepreneur\"\u003e\u003cstrong\u003ewantrepreneur\u003c/strong\u003e\u003c/a\u003e from \u003ca href=\"https://www.quora.com/What-is-an-entrepreneur\"\u003e\u003cstrong\u003eentrepreneur\u003c/strong\u003e\u003c/a\u003e. Guys stop being a \u003ca href=\"https://www.quora.com/What-is-a-wantrepreneur\"\u003e\u003cstrong\u003ewantrepreneur\u003c/strong\u003e\u003c/a\u003e, think of a new business idea, do a set of exercises or validations before taking a decision on whether to move forward with the business idea or not and make a business out of it. Here are 6 early steps you can take if you have a great business idea in mind:\u003c/p\u003e\n\u003ch4\u003e\u003cstrong\u003e1.\u003c/strong\u003e \u003ca href=\"https://medium.com/@jneeraj0807/first-step-to-validate-your-business-idea-e24d357768ee\"\u003e\u003cstrong\u003eExplore the WHY and Define the WHO\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e:\u003c/strong\u003e\u003c/h4\u003e\n\u003cp\u003eThe first step is to think about the reason behind the business idea. Why did the business idea pop up into your head? What is the problem it is trying to solve? Deep dive into finding the actual problem and stating it.\u003c/p\u003e\n\u003cp\u003eDoes the problem exist for everyone? or Just you? Define the \u003ca href=\"https://en.wikipedia.org/wiki/Market_segmentation\"\u003e\u003cstrong\u003emarket segment\u003c/strong\u003e\u003c/a\u003e for which it exists. Those people are your \u003ca href=\"https://en.wikipedia.org/wiki/Target_market\"\u003e\u003cstrong\u003etarget customers\u003c/strong\u003e\u003c/a\u003e. Validate the existence of the problem by talking with them. Whether they have experienced it or not? If yes \u003cstrong\u003eHOW\u003c/strong\u003e often? If you can’t clearly think of the problem it tries to solve, or your \u003ca href=\"https://en.wikipedia.org/wiki/Target_market\"\u003e\u003cstrong\u003etarget customers\u003c/strong\u003e\u003c/a\u003e don’t consider it as a real problem, either change your \u003ca href=\"https://en.wikipedia.org/wiki/Target_market\"\u003e\u003cstrong\u003etarget customers\u003c/strong\u003e\u003c/a\u003e or Think of a new problem to solve.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFor example:\u003c/strong\u003e I am writing this blog to solve the \u003cstrong\u003eproblems faced by\u003c/strong\u003e \u003ca href=\"https://www.quora.com/What-is-an-entrepreneur\"\u003e\u003cstrong\u003eentrepreneurs\u003c/strong\u003e\u003c/a\u003e \u003cstrong\u003e(WHO) in validating their business\u003c/strong\u003e \u003cstrong\u003eideas (WHY).\u003c/strong\u003e I asked my buddies, whether they have faced this problem or not? Is it actually a problem? \u003cstrong\u003e(problem validation)\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFor in-depth understanding of the concepts explained in this step kindly click on the following link:\u003c/p\u003e\n\u003ch4\u003eChapter #1 : \u003ca href=\"https://medium.com/@jneeraj0807/first-step-to-validate-your-business-idea-e24d357768ee\"\u003eA Unique Way to Problem Identification and Validation\u003c/a\u003e\u003c/h4\u003e\n\u003ch4\u003e\u003cstrong\u003e2. Search for existing solutions:\u003c/strong\u003e\u003c/h4\u003e\n\u003cp\u003eSearch for existing solutions. Search the internet, discuss with friends, colleagues etc. Check how effectively the solutions have been implemented, whether they solve the problem or not, if yes then how efficiently? If you can’t find any implemented solutions, explore the \u003cstrong\u003eWHY\u003c/strong\u003e behind it. Don’t proceed to the next step until you have discovered the \u003cstrong\u003eWHY\u003c/strong\u003e.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFor example:\u003c/strong\u003e I searched for solutions online, but couldn't find any of the available solutions solving the problem effectively. I went through many blogs, articles, websites but each one of them \u003cstrong\u003elacked the very basic thing\u003c/strong\u003e i.e. structured, user-friendly and comprehensive framework \u003cstrong\u003e(ineffective implementation)\u003c/strong\u003e.\u003c/p\u003e\n\u003ch4\u003e\u003cstrong\u003e3. Define the WHAT:\u003c/strong\u003e\u003c/h4\u003e\n\u003cp\u003eThis is the step in which you come up with a solution. Framing your solution depends on the result of the above step. Think about what form your solution will take, Will it be a product? Service? What will be the key features of the product? At this stage just think of features necessary to solve the problem at hand. Note down the features \u003cstrong\u003ewith the WHY\u003c/strong\u003e defined for each one of them. Create a basic layout of \u003cstrong\u003eHOW\u003c/strong\u003e your product will look, with key features embedded. Be ready for changes, as the next step involves going out and exploring the market.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFor example:\u003c/strong\u003e I figured out that I will write a blog for a start. I have defined my product here. With time, as I get more and more feedback, I will shape the journey of my product.\u003c/p\u003e\n\u003ch4\u003e\u003cstrong\u003e4. Do Market research:\u003c/strong\u003e\u003c/h4\u003e\n\u003cp\u003eAfter you have the \u003cstrong\u003eWHAT\u003c/strong\u003e figured out, get out of your comfort zone, go out and explore the market out there. This is the most important step in the whole process as it defines the practicality of your product’s success.\u003c/p\u003e\n\u003cp\u003eTalk with your \u003ca href=\"http://www.burstcreative.com.au/graphic-design/potential-customers/\"\u003e\u003cstrong\u003epotential customers\u003c/strong\u003e\u003c/a\u003e, pitch them your business idea, show them the \u003ca href=\"http://www.experienceux.co.uk/faqs/what-is-wireframing/\"\u003e\u003cstrong\u003ewireframes\u003c/strong\u003e\u003c/a\u003e, ask how much they would pay for it? Whether they would recommend it to their friends/relatives or not?\u003c/p\u003e\n\u003cp\u003eCheck out your \u003cstrong\u003ecompetitors\u003c/strong\u003e, their \u003ca href=\"https://en.wikipedia.org/wiki/Market_share\"\u003e\u003cstrong\u003emarket share\u003c/strong\u003e\u003c/a\u003e, market hold, products and compare it with yours. Talk with start-up founders, investors, take their advice and feedback.\u003c/p\u003e\n\u003cp\u003eAlso analyze the present and future trends of technology, government rules and regulations, investments and other limitations in your play-field.\u003c/p\u003e\n\u003cp\u003eAfter this step, you will have a clearer idea about \u003cstrong\u003eWHAT\u003c/strong\u003e your product should be. Incorporate all the feedbacks captured in this step to shape the \u003cstrong\u003eWHAT.\u003c/strong\u003e\u003c/p\u003e\n\u003ch4\u003e\u003cstrong\u003e5. Figure out the HOW:\u003c/strong\u003e\u003c/h4\u003e\n\u003cp\u003eAfter passing through all the above phases, you have pretty much everything figured out. One thing that remains is figuring out the \u003cstrong\u003eHOW.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eYou have the requirements from above phases, state them all down in this step. Figure out \u003cstrong\u003ethe HOW much and HOW\u003c/strong\u003e of the initial funds, \u003cstrong\u003eHOW\u003c/strong\u003e and \u003cstrong\u003eWHO\u003c/strong\u003e of building product, \u003cstrong\u003eHOW\u003c/strong\u003e of making money, \u003cstrong\u003eWHAT\u003c/strong\u003e of product timeline. (Basically figuring out the ability and time required)\u003c/p\u003e\n\u003ch4\u003e\u003cstrong\u003e6. Build and Test:\u003c/strong\u003e\u003c/h4\u003e\n\u003cp\u003eWe haven’t built anything until now. This is the step where we start to build the product. We build the \u003ca href=\"https://en.wikipedia.org/wiki/Minimum_viable_product\"\u003e\u003cstrong\u003eMVP\u003c/strong\u003e\u003c/a\u003e here. Build, test it on real customers, derive learnings and iterate. There are many ways in which you can build and test an \u003ca href=\"https://en.wikipedia.org/wiki/Minimum_viable_product\"\u003e\u003cstrong\u003eMVP\u003c/strong\u003e\u003c/a\u003e. You can find many articles online on it, choose the technique that best suits your case. This step marks the end of validation phases, of the business idea .\u003c/p\u003e\n\u003cp\u003eOne thing I want to quote here: \u003cstrong\u003e“Build in Phases, Release early, Learn early”.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eI am doing research in finding the actual reason behind the high attrition rate after the Ideation phase. Kindly fill in the survey and help me complete it.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://lh3.googleusercontent.com/rKMAPXZClE70SFuXV4FJ9ixDrdAkqEiKcFSpfoHDQ8XwqtKRzel881TBtpk02JyI6d8=w1200-h630-p\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eThanks a lot\u003c/p\u003e\n\u003cp\u003eAnd with that, I will close for the week. I am open for suggestions and feedback on the technical details of the blog. Also you can join my group “\u003ca href=\"https://www.facebook.com/groups/1298982173495733/?ref=aymt_homepage_panel\"\u003e\u003cstrong\u003ePushStart\u003c/strong\u003e\u003c/a\u003e” to \u003cstrong\u003evalidate your Business Idea in seconds\u003c/strong\u003e. You can comment here to share what you think. I am little confused about the content of my next blog, I think you guys can help me with that. :p\u003c/p\u003e\n\u003cp\u003eI got motivation to write about this from the readings of \u003ca href=\"https://medium.com/@nireyal\"\u003eNir Eyal\u003c/a\u003e, \u003ca href=\"https://medium.com/@ericries\"\u003eEric Ries\u003c/a\u003e, \u003ca href=\"https://medium.com/@thedannorris\"\u003eDan Norris\u003c/a\u003e, \u003ca href=\"https://medium.com/@sanguit\"\u003eSangeet Paul Choudary\u003c/a\u003e, \u003ca href=\"https://medium.com/@sgblank\"\u003esteve blank\u003c/a\u003e, \u003ca href=\"https://medium.com/@sujanpatel\"\u003eSujan Patel\u003c/a\u003e, \u003ca href=\"https://medium.com/@danpedersen\"\u003eDan Pedersen\u003c/a\u003e, \u003ca href=\"https://medium.com/@bardofboston\"\u003eErik Devaney\u003c/a\u003e, \u003ca href=\"https://medium.com/@DerekjAndersen\"\u003eDerek Andersen\u003c/a\u003e and from the blogs of \u003ca href=\"https://medium.com/matter\"\u003eMatter\u003c/a\u003e, \u003ca href=\"https://medium.com/swlh\"\u003eThe Startup\u003c/a\u003e, \u003ca href=\"https://medium.com/startup-grind\"\u003eStartup Grind\u003c/a\u003e, \u003ca href=\"https://medium.com/startupsco\"\u003eStartups Co\u003c/a\u003e, \u003ca href=\"https://medium.com/the-mission\"\u003eThe Mission\u003c/a\u003e, \u003ca href=\"http://mashable.com/\"\u003e\u003cstrong\u003eMashable\u003c/strong\u003e\u003c/a\u003e, \u003ca href=\"https://techcrunch.com/\"\u003e\u003cstrong\u003eTechcrunch\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e,\u003c/strong\u003e \u003ca href=\"http://www.inc.com/\"\u003e\u003cstrong\u003eInc.com\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e,\u003c/strong\u003e \u003ca href=\"http://www.theverge.com/\"\u003e\u003cstrong\u003eThe Verge\u003c/strong\u003e\u003c/a\u003e \u003cstrong\u003eand\u003c/strong\u003e \u003ca href=\"https://www.wired.com/\"\u003e\u003cstrong\u003eWired\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAlso Hey, if you like what you just read, please \u003cstrong\u003elike\u003c/strong\u003e this resource by hitting the green “\u003cstrong\u003eRecommend\u003c/strong\u003e” icon, \u003cstrong\u003eshare\u003c/strong\u003e it on \u003cstrong\u003eTwitter or Facebook\u003c/strong\u003e so that other people may also stumble upon this.\u003c/p\u003e\n\u003cp\u003eYou can always contact me personally on \u003ca href=\"https://www.linkedin.com/in/jneeraj0807\"\u003e\u003cstrong\u003eLinkedin\u003c/strong\u003e\u003c/a\u003e, \u003ca href=\"https://twitter.com/jneeraj0807\"\u003e\u003cstrong\u003eTwitter\u003c/strong\u003e\u003c/a\u003e, \u003ca href=\"https://www.facebook.com/jneeraj0807\"\u003e\u003cstrong\u003eFacebook\u003c/strong\u003e\u003c/a\u003e or over \u003ca href=\"http://0807jneeraj@gmail.com\"\u003e\u003cstrong\u003eMail\u003c/strong\u003e\u003c/a\u003e. \u003cstrong\u003eFollow me\u003c/strong\u003e on \u003ca href=\"https://medium.com/@jneeraj0807\"\u003e\u003cstrong\u003eMedium\u003c/strong\u003e\u003c/a\u003e to get access to more such blogs in future.\u003c/p\u003e","profile":{"adLink":"https://www.pushstart.in/","adText":"Founder of Pushstart ","avatar":"https://hackernoon.com/images/avatars/ogeYbTfaS2XizwERECQXlx67rYL2.jpg","bio":null,"callToActions":[{"icon":"","active":true,"url":"https://www.pushstart.in/","name":"Founder of Pushstart ","id":"35fe5511bbcf9-brand"}],"displayName":"Neeraj ","handle":"jneeraj0807","isTrusted":false,"allowSubscribers":true},"publishedAt":1486290021.351,"tags":["market-research","entrepreneurship","startup","ideas","growth-hacking"],"title":"Came up with a great Business Idea? What Next?","backlinks":{"fetched":"2024-07-11T01:05:12.638Z","urls":["https://www.startups.com/library/expert-advice/came-up-with-a-great-business-idea-what-next","https://steemit.com/poetry/@murazriksi91/poetry-looking-for-inspiration","https://www.bizplan.com/library/expert-advice/came-up-with-a-great-business-idea-what-next","https://blog.bizplan.com/academy/first-step-to-validate-your-business-idea"]},"annotations":[],"draftId":"6-steps-to-validating-your-startup-idea-d3ba64187bf","fromMongo":true,"relatedStories":[{"id":"iQxIcJSDC2IQYoKz8WyM","active":true,"category":[],"companyName":"Starknet","customAd":"https://cdn.hackernoon.com/images/img-oz23gcd.png","firstColor":"#29c929","font":"HackerNoon","fontColor":"#FFFFFF","image":"https://cdn.hackernoon.com/images/img-2l13gla.png","link":"https://www.starknet.io/blog/stark-space-bangkok-2024/","logo":"","parentCategory":["futurism","life-hacking","media","society","writing","science"],"secondColor":"#009300","tags":[],"text":"Time to reimagine the web - 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