STARTUPS | How do I know if my idea is something people want?

I have just answered a question on Quora and thought it would be a good idea to share it in my blog for every entrepreneur with an idea in mind. Here it is my Quora Profile is you are interested in following me : )

Napkin-IdeaNow… “How do you know if your idea is something people want?” I recommend the following steps:

1) Define the product > You MUST be able to express what the product is in a single sentence. If you are not, it means that you don’t actually know much about your product.

2) Express the necessity > You HAVE TO know which is the necessity you are satisfying or the problem you are solving.

3) Define the market > Who are you targetting? How big is the market? How is it going to behave in the following years?

4) Define de Business Model > How are you going to make money?

5) Differentiators > What makes you UNIQUE? Remember that innovation can come from the Product, the Market or the Business Model.

Now, you know what you are talking about.

6) Show the product to potential users > They will give you great insight about what you are doing!

7) Show the product to referents > People with experience in the industry will validate if what you are doing is coherent or not. Take their insight and use it to improve your business.

This is a good idea: – I think I want to start working on it, but I’d like to talk to people and see if it’s something they want. If anything, it might make sense to refine the idea a bit more. –

You will never be 100% sure about your product. If you are, then you are late. Validate the product with potential users and referents using a prototype or proof of concept and launch a first version to test the market. Users will let you know the changes your startup needs to make to satisfy the necessity they have.

I invite you to check my company: www.ohstartups.com. Do not hesitate to contact me if I can be helpful in any way.

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