Know Before You Start

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What Exactly is Business Idea Validation? Why Do I Need it ?

KNOW BEFORE YOU START

Coming up with a business idea is the easy part. The hard part is how to tell if your business idea is a good one. There is only one way to find out – talk to your target customers.

In this course, I am going to work with you to develop your business idea to make sure it is worth pursuing. The purpose of Business Idea Validation is to minimize the risk of implementing ideas no one wants.

Before you spend time, money, blood, sweat, and tears starting a business (all of which you are going to need), you owe it to yourself to make sure that you are solving a problem that actually exists in the marketplace.

More importantly, you want to make sure you have a solution to the problem that people find so valuable that they want to pay you for it right now – should you create/make it.

This course has two steps:

  • Step One – Develop your Business Concept
  • Step Two – Conduct Customer Discovery

– Part One –

 

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Develop your Business Concept

Ideas are a “dime a dozen.” There are over 7 billion people in the world. If you think of a business idea, chances are, someone somewhere in the world, or in your country, or in your state, or in your town has thought about the same idea.

The question is who is going to take that idea and make it a reality? The first person that takes that idea, puts in the work to validate the idea, and creates a business gives themselves a huge advantage.

Until your idea becomes a reality, you, together with everyone else around the world sitting on that same idea are just dreamers. I will help you go from go from an idea to an actual business.

The first step to starting a business is to make sure you’ve done the research to answer the key questions every entrepreneur should address about their idea. This is called documenting your Business Concept. 

A business concept is a well thought out version of your business idea that answers the key components required to build a successful, profitable business.

I’m going to work with you to answer the following 6 key questions:

1

What is the problem you are trying to solve?

2

What is your solution to the problem? (Business Idea)

3

Who are your potential customers?

4

What are your target market characteristics?

5

What is it going to take to build your product or service?

6

What do you need to start your business?

At the end of this exercise, we are going to summarize all the answers into a Business Concept Development Worksheet, which provides a quick visual of what your business concept is about.

– Part Two-

 

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Customer Discovery

Once you have addressed the questions above and are convinced you have a sound business idea, it’s time to move to the next step of the business idea validation process, which is the most important step – Customer Discovery.

Customer Discovery is a method to determine if there are actual customers for your product/service and what features those customers would want before you actually develop the product/service. 

Why is Customer Discovery the most important step?

My Approach to Customer dISCOVERY

The number one reason why startups fail is building a business where there is “No Market Need”. In other words, starting a business that no one wants. 

Customer Discovery is based on the premise that to really know what the customer wants, it’s best to go and ask them.

Rather than starting a business based on a hunch or gut feeling (and possibly end up with something no one wants), taking the time to conduct Customer Discovery gives you the confidence that you are working on a product or service that is needed in the marketplace.  

Customer Discovery helps you avoid trying to sell what they have made (thinking you know what the customer wants) and shift your focus to making what you can sell (solving a problem the real customers have told you they have).

Your Goal with Customer Discovery is this:

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To listen to the customer and find out their biggest pain point
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To build a product or service that meets that need better than anyone on the market
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Offer it at a price your target customers are willing to pay right now

What You’ll Know After

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Whether your idea is worth pursuing or if you should head in a different direction
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Who your actual customers are and what their real unmet needs are
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Whether your product solves their unmet need or if you need to make tweaks or pivot in a different direction
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Whether your product solves their unmet need or if you need to make tweaks or pivot in a different direction
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What features are important to your customers
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What price they are willing to pay for your product and if that price point is enough to build a sustainable business

Frequently Asked Questions

How long is the Idea Validation Course?
It takes a minimum of 5 weeks to complete the course. If we agree to tweak your business idea and do additional interviews, it may take longer.
How much is the course?
The Idea Validation Course $1,199 or three payments of $500.
Do I have to do the Customer Discovery Interviews?
No, I will conduct the customer discovery interviews on your behalf once we agree on the set of questions. However, you have the option to join me during the interviews but it’s not required.
What if at the end of the course, I conclude that my idea is not worth pursuing?
While that may be a disappointing outcome, it’s actually part of what the course is designed to do: to save you the time and money you would have otherwise spent building a business that no one wants.

By finding out now, you can move on to pursuing a new idea.

At the end of the course, if I make a decision to move forward and start my business, can I hire you to help me get it launched?

Yes, you can sign up for my Start-up Course, which is designed to do exactly that – help you launch your business.

We will work to build your product or service, create a business plan, and launch your business.
If I am not yet ready to move forward with the Start-up Course, can I come back at a later date and take it?

Yes, you have up to six months to take the start-up course after completing the Idea Validation Course without having to redo the customer discovery interviews. 

Interested in Learning More?

If you’re interested in my Business Idea Validation Course, but still have some questions about the program, I’m more than happy to schedule a call and talk to you about it more. Click the button below to get started and schedule your free consulation call.

Contact

Phone

(410) 608-9181

Email

kwame@thrivecompany.com

Address

8370 Court Ave, Ste B1 Ellicott City, MD 21043