How To Validate Your Startup Idea
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The document discusses the importance of idea validation for startups to prevent failure by testing assumptions before investing resources. It emphasizes the creation of a minimum viable product (MVP) to capture the core benefits and aims to validate the market and customer interest. Key strategies include understanding the target audience, defining customer problems, and validating through various testing methods.
How To Validate Your Startup Idea
- 1. Idea Validation and LSM
- 2. Why Do Most Startups Fail?
- 3. Budget? Wrong Market? Bad Timing? Not enough PR? ?
- 6. Stop building stuff nobody wants.
- 8. When We Build A Product For The First Time We Don’t Know If Anyone Even Wants Our Product
- 9. We Assume People Have A Problem. We Assume It’s Important Enough. We Assume We Have The Right Solution.
- 10. The Idea Behind The Lean Startup Method Is To Test Our Assumptions And Ideas Before We Invest Too Much Time, Money & Efforts On Non-validated Ideas
- 12. We Validate Ideas through an MVP
- 13. What is an MVP
- 15. Build the most minimal product possible that will still capture the essence of why people will use it.
- 16. Get them to sign up.use it. pay for it.
- 17. Test your idea Test your market Fail fast - Save money Learn faster
- 18. How to decide what to include in your MVP
- 19. Focus your idea
- 20. Capture the essence, its benefit.The real problem.
- 21. Know the problem Know who has it Understand the pain Execution is not a goal Riskiest assumption
- 23. Your idea__________________ Experiment 1# Experiment 2# Customers Problem Solution Riskiest Assumption Method & Success criterion Results & Conclusion Learning
- 24. Target Audience
- 25. Know your target audience
- 26. Men between the ages of 25 - 50
- 27. Man, age 23-30 Live in an urban settings Listen to music on the go Care enough pay for it Proud of their musical taste Listen to music at least once a day
- 28. If you don’t test your idea with your target audience, it is worthless
- 30. What is their exact problem? Where do you fit in their lives?
- 32. What Is The Assumption That If You Get Wrong Will Make Your Product Useless?
- 33. Test Methods & Success Criterion
- 35. GO OUT AND TEST IT!
- 36. Good 65%
- 37. Great 80%
- 38. Gold 90%
- 39. Learn & Start Over
- 40. Your idea__________________ Experiment 1# Experiment 2# Customers Problem Solution Riskiest Assumption Method & Success criterion Results & Conclusion Learning