How to become an entrepreneur part 2 validate business idea

1. How to become an ENTREPRENEUR-part 2
:Validate Business Idea
Pic from https://www.flickr.com/photos/pmiaki/5103526870/in/photostream/
This is the second part of the series “How to become an entrepreneur”. First part
was [p2p type="slug" value="become-entrepreneur-part-1-business-idea"]Getting an
Idea[/p2p].
Every body needs a audience , Be it a Singer, Dancer, Sportsman or a Entrepreneur.
Thus It is very important to Validate Whether an audience will find the Service or the
product appealing or not. This post will discuss on How to Validate Business Idea
1. Researching niche:
Search If the idea is already been taken up. If you find it does, do not give up on your
inspiration. Think if you can offer a better service. Think what is lagging in that
concept. Remember Facebook was not the first Social network and Google was not
the first Search Engine. They just had the vision to do the things in as much better
way.

2. 2. Ask people for feedback:
Talk to people about your idea. Ask them what they feel and how can it be improved.
Constructive criticism is very important to Validate Business Idea
3. Think from a customer perspective :
This is the most important step to Validate Business Idea. Not once or twice but
think 1000 times from a customer’s perspective. First identify who is your target
customer
A typical example would be:
Suppose you are planning to open a Fitness Centre in an Area where there are lots of
software companies. Since the area is well developed thus the expenses for the
fitness centre would be high.
You need to plan in such a way that you break even within six months . Your
demographics could be anyone between 22 to 50 years.
Going by the life style of the working professionals, you can offer them a course or a
long term package so that they can spend just 1 hour daily thrice a week and can
maintain themselves.
You can also offer some weekend Aerobics or dance sessions of 2 hours each so that
customers shouldn't feel monotonous coming to the fitness centre.
Further you can keep your batch timings flexible and can email your customers diet
and workout plans.
You can also offer discount on quarterly or annual membership and can provide free
diet sessions. This service would definitely appeal to your target audience.
4. Seek a Mentor:
Find a person who is an expert in the field of your interest. Seek professional
guidance. If you can save your time by focusing on creativity and building your
concept rather by digging on routine chores, you can really make swift progress. A
Mentor will definitely know the obvious obstacles in the path and can play a crucial
role to Validate Business Idea. It will also help you to build contacts in the industry.
5. Conduct a Survey:

3. There are various websites like SurveyMonkey which can help you to conduct a
survey of your business. Prepare a questionnaire and circulate it. Gather the
feedback about your business.
6. Build a prototype:
Build a prototype of your product with minimum complexity focusing on the core
service. For example, if you want to build a next generation e-commerce website on
selling paintings online or want to build a cool android app, build at least a Beta
version and Do a smoke Test.
A smoke test is basically pretending that a certain product or service exists to see
whether potential customers are willing to buy
Reach out to your potential customers and pitch it to them. More often than not,
your first Idea on how to solve the problem might not be perfect but with continuous
refining based on feedback, it will be.If the product is unappealing, immediately
scrap it. It is not necessary that all of the ideas coming in the mind should be great,
but it’s crucial to build a thinking process which gets sharpened and focused
gradually.
These were the steps to Validate Business Idea. Stay tuned for the next Steps. Bye for
Now!!