20 Qs Validate Idea
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How to validate Startups idea?
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20 Qs Validate Idea
- 2. Saeed Zangeneh WHO AM I ? My name is Saeed Zangeneh ` Technocrat, Entrepreneur, Strategist, IT professional & Amateur photographer. Founder & Chairman @ dopod business studio.
- 3. Saeed Zangeneh WHY DO MOST STARTUPS FAIL? Budget? Market? Timing? PR? 3
- 5. Saeed Zangeneh Stop building stuff nobody wants • We assume people have a problem • We assume it’s important enough • We assume we have the right solution 5 THE IDEA BEHIND THE LEAN STARTUP METHOD IS TO TEST OUR ASSUMPTIONS & IDEAS BEFORE WE INVEST TOO MUCH TIME, MONEY& EFFORTS ON NON VALIDATED IDEA ASSUMPTION, THE MAIN REASONE MOST STARTUPS FAIL.
- 6. Saeed Zangeneh KNOW YOUR TARGETAUDIENCE MAN? WOMAN? AGE? LOCATION? 6
- 8. Saeed Zangeneh How? • Landing Pages • Interviews (Face 2 Face, Phone Call, Online Form) • Prototype • Social Media • Concierge MVP/MVE 8 So… Go out and ask, Ask What? • Ask about your audience problems? • Focus on your idea and solutions in questions? • Let your customers to define their idea. • Capture the essence. • Record all data.
- 10. Saeed Zangeneh 20 QUESTIONS TO VALIDATEAN IDEA Ask yours, ask your customers? 10
- 11. Saeed Zangeneh 1. WHAT PROBLEM ARE YOU SOLVING? If you can’t clearly state the problem your product or service solves, you probably don’t have a successful idea.
- 12. Saeed Zangeneh 2.HOWHAVEOTHERSATTEMPTEDTOSOLVE THISPROBLEMBEFORE,ANDWHYDIDTHEIR SOLUTIONSSUCCEEDORFAIL? There’s a lot you can learn from those who have gone before you.
- 13. Saeed Zangeneh 3.HOWMANYSPECIFIC BENEFITSFORYOURPRODUCT ORIDEACANYOULIST? The more you can think of, the more likely it is that you’re meeting a real need and can be successful.
- 14. Saeed Zangeneh 4.CANYOUSTATE,INCLEAR LANGUAGE,THEKEYFEATURES OFYOURPRODUCTORSERVICE? Not being able to easily describe the key features of your idea is a warning sign that the idea isn’t well thought out yet.
- 15. Saeed Zangeneh 5.DOESYOURIDEAALREADY EXISTINTHESAMEWAYYOU WEREGOINGTOCREATEIT? If a similar solution exists, how will yours be different? If you don’t have any clear differentiating benefits or features, you likely need a new idea.
- 16. Saeed Zangeneh 6. WHOAREYOUR POTENTIALCOMPETITORS? Having competitors isn’t a bad thing -- it means a market exists. However, knowing what you’ll face if you launch is important, as an overcrowded marketplace or one where consumers have a strong affinity for the dominant brand may be more difficult to break into.
- 17. Saeed Zangeneh 7.WHATKEYFEATURESDOESMYPRODUCT ORSERVICEHAVETHATOTHERSWILLHAVEA HARDTIMECOPYING? Before you go into business, you need to be very clear about what sets you apart from competitors.
- 18. Saeed Zangeneh 8. HAVE YOU DONEA SWOTANALYSIS? This framework helps you to understand the strengths, weaknesses, opportunities and threats that your idea has, giving you a better idea of the overall likelihood for success.
- 19. Saeed Zangeneh 9.DOYOUHAVEACCESSTO THEVARIOUSRESOURCESYOU NEEDTOLAUNCHABUSINESS? While you don’t need to be rich to launch a business, you will need some combination of time and money, depending on the scope of your idea. If you have no way to access everything you need, you’re better off waiting to launch your company until your situation is different.
- 20. Saeed Zangeneh 10. DOYOU HAVEAMENTOR OR INDUSTRYADVISOR THATYOU CANCALLON? Certainly, you can go it alone if you have to, but when you start a new business, having the advice of others in a similar business space can prevent unnecessary expenditures or missteps.
- 21. Saeed Zangeneh 11.CANYOUNAMESOMEBODY WHOWOULDBENEFITFROM YOURPRODUCTORSERVICE? This is the beginning of market research -- who do you actually know that would use your idea? A general demographic isn’t enough, so take the time to hone in your target buyer personas.
- 22. Saeed Zangeneh 12.WHATISTHESIZEOFTHE MARKETTHATWILLBUYYOUR PRODUCTORSERVICE? If you don’t know the size of the market, you have a lot of research ahead of you. Understanding how many people need your idea -- and what they’re willing to pay for it -- will help you determine whether your concept is viable.
- 23. Saeed Zangeneh 13. HAVEYOU REACHEDOUT TO POTENTIALCUSTOMERS FOR FEEDBACK? Getting feedback before investing further money can help you avoid creating a product or service that nobody really wants.
- 24. Saeed Zangeneh 14.CANYOUSETUPALANDINGPAGE ANDENCOURAGEINTERESTEDPEOPLE TOSIGNUPFORMOREINFORMATION? This can be an easy and inexpensive way to test interest in a product or service. If a lot of people are interested, it’s a great sign that you’re on the right track!
- 25. Saeed Zangeneh 15.WHATWOULDITTAKETOBUILD AMINIMUMVIABLEPRODUCTTO TESTTHEMARKET? One mistake many entrepreneurs make is thinking that they have to launch a finished concept right away. Consider starting small, gauging interest and iterating as you go.
- 26. Saeed Zangeneh 16.CANYOUGETPAYINGCUSTOMERSFROM YOURTARGETMARKETTOPRE-ORDER BASEDONABLUEPRINTORMOCKUP? Pre-orders are a solid sign of customer commitment. Someone saying they’re interested is one thing, but seeing people actually pony up their credit card information is a much stronger sign of potential success.
- 27. Saeed Zangeneh 17.CANYOUPRODUCETHEACTUAL PRODUCTYOURSELF,ORDOYOUHAVE APARTNERWHOCAN? As you might expect, before launch, you need to know who’s actually going to produce the first set of products or services, as well as whether they can do so within your budget.
- 28. Saeed Zangeneh 18.DOYOUHAVEDISTRIBUTORS ORPARTNERSTOHELPYOU SCALEYOURBUSINESS? Once you have paying customers, you’ll need to ramp up actual distribution to meet demand. Do you have access to the partners and/or money needed to do so?
- 29. Saeed Zangeneh 19.WHATWILLITTAKETOBREAK EVENORMAKEAPROFIT? Some ideas take a lot of upfront investment, while others don’t. If yours does, it’s a good idea to plan for how you’ll handle your finances and daily needs while you’re waiting for your product or service to gain traction.
- 30. Saeed Zangeneh 20. HOWCANINVESTORS IN YOUR IDEAMAKEAPROFIT? If you want others to come alongside your business and help you grow, you’ll have to know how they can benefit.
- 32. Saeed Zangeneh
- 33. Saeed Zangeneh LAST WORDWITH FRESH ENTREPRENEUR Follow your dreams With a serious plan 33
- 34. Saeed Zangeneh ONE DAYYOU WILL BUYASUPER CAR Another day will sell it to pay your employees 34
- 35. Saeed Zangeneh GOOD BYE Follow me on Instagram an Twitter @SaeedZangeneh Contact me Saeed@Zangeneh.ir 35