If you have an idea then the next step is research.
1- Is there a market for your product? Show your idea to as many people as you can. Dont sit on it n dont be scared that it can be stole Ideas are dime a dozen. Try to know if people will buy your idea, is there any gap that you are filling.
2- Try to research if what you are about to offer is offered by anyone else. If yes, how are they doing it? What are their customers or beneficiaries? What are complaints from beneficiaries or customers? What is missing from what is offered that you can add to make your idea more interesting?
3- try to estimate the market like ecommerce is more than $200 billion then even 5% market share in that industry means a lot.
4- Then figure out how you will earn– yes! your business model.
Hey Sapan n chirag,
sapan I would agree with chirag. Most of the time we are too much obsessed with our idea that we are blind to pitfalls. Initial research is the primary thing.
Do not build an MVP until after extensive user and customer (if different) interviews. Solving your problem that is not a pain point for others will fail. And make sure you understand that the odds of succeeding are low even for previously successful entrepreneurs and you are going to be spending time raising money.
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Only when you are sure about your idea, start small and start as soon as possible. Build a Minimum Viable Product. show it to 100 people. Now you will need to step out of your comfort zone and seek out people who will critique your prototype. Ideally, these are both people you already know and complete strangers. Why 100? Because you need a breadth of perspective and hopefully a pattern to recognize from all the feedback. Iterate. Although a few people will get it right on the first try, the odds are you will not. So prepare to redo everything from scratch. This is your “founder MBA”, except it is free.
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