The weekly dose of entrepreneurial knowledge that comes in the form of webisode is proving to be a huge success among the next generation of entrepreneurs. In the recent webisode helmed by Mr. Vatsal Kanakiya, CTO, 100X.VC has talked about a very important topic – “How to validate your business idea?”
So, you have an idea? Will that idea transform into a viable business model? Will you have the customers for your product once it is launched?
Many questions weigh down upon the entrepreneurs which usually leads to delaying the execution of the idea.
Hence, Mr. Vatsal rightly starts the webisode with this quote – “Idea is nothing without execution” and from there he goes on to give pointers to the audience.
Statement of idea validation
Mr.Vatsal advised the students to put their idea into this statement to understand where their idea stands – “I am building X for Y who face the problem Z very frequently and make their life A% better”. Replacing that ‘X’, ‘Y’ and ‘A’ serves as the first step towards validating your business idea.
Build your Idea
Get started with the Minimal Viable Product for your idea. Putting the Minimal Viable Product out there for the customers is a “Lazy, but Smart Entrepreneurship,” says Mr. Vatsal. The MVP will help the entrepreneurs answer the most important questions – “What is the crux of the problem?”, “What is the minimum set of features that can help you validate the problem at hand” and “Is it worth my time?”.
Sell your product
Once you have the MVP, it’s time to sell the product. Mr. Vatsal took a simple example to explain this scenario to the students and it goes… Let’s say, you want to build a platform for the students to get their homework done, and let’s call it “studenthomework.com”. Now, the cheapest way to approach these potential customers is by social media platforms. Make your product is known in the relevant platforms, direct the students to your website, and let the content on the website do its job. That’s how you sell your product and gain traction.
It’s time to move on from MVP and make improvements to the product. The best way to do that is to know what customers are thinking about your product. Take customer feedback and keep enhancing the product features by considering the customer experience. Keep testing the product until you reach perfection.
Ask the right questions?
Finally, it is crucial to ask the right questions. Mr. Vatsal suggests the following for the budding entrepreneurs:
1. What is the hardest part of X?
2. When did you last encounter this?
3. Why was that hard?
4. How did you try to solve it?
5. What did you hate about your solution?
With that Mr.Vatsal has ends what has been a super informative webisode on “How to solve your business idea?”
Now, isn’t that some valuable knowledge to be in the possession of!
[The above pointers are highlights from the one-hour session. Check out our Facebook page for the full session: https://bit.ly/2B5tHw7]
You can also reach him out on his LinkedIn profile: https://www.linkedin.com/in/vazzup/