What is idea validation, andwhy is it a step that everyfounder of a startup must take?

Validating your business idea lets you know if your plan will work in the real world in the target market. And trust me, it matters if you don't want your idea for a product to fail. But what is a framework for testing an idea? How to put it into practice? I know the answers you want to hear. The following steps make up your validation process more clear: Brainstorming First, think about the product or idea and make a mental picture of it using techniques like Design Thinking or regular brainstorming. We use them in product design sprints. At this point, I like to write down a few things, but everything is still rough and can be changed, replaced, or thrown away. It's the whole point of the idea. Make the first version of the Lean Canvas. The Lean Canvas is a one-page picture of how a business works. Here, you start to put the notes you made in the first step together. You should focus on the Customer Segments, the Problem, and the Unique Value Proposition. These will help you say why you think the business in general is a good idea. Now might be a good time to ask important questions like: -> Does someone really hurt or need something? -> Then, who are they? -> What are they looking for? -> And etc... Since the canvas is made in steps, it doesn't have to be perfect the first time. The idea is to make a map of your business's most important assumptions so you can decide which ones to check first. Remember that the high-risk assumptions you should find, test, and deal with first are the most important ones that can make your whole idea useless if they are wrong. Read more about that stage -> https://medium.com/@steve_mullen/an-introduction-to-lean-canvas-5c17c469d3e0 The Opportunity Tree for solving problems This is a fun but optional exercise you can do to run through the validation process and look at your business idea from different points of view. An Opportunity Solution Tree (OST) is a visual tool that shows how to reach a clear, wanted goal. You can use the Opportunity Solution Tree to find other solutions to the problem you've described. Here is a good source of information about that: https://www.producttalk.org/opportunity-solution-tree/ Analyze the risk After you've created your initial version of the Canvas, you should assess the risk and determine what needs to be done to validate your idea. This is accomplished by arranging the words "Important" and "Proof" on a 2x2 grid. This is an approach that is often utilized in both Lean Startup and Design Thinking. On one axis, we have the riskiness of our business (Importance). Proof, on the other hand, is a measure of the evidence that proves that the assumption is valid. Some evidence will be more compelling than others. For example, if someone claims they'd purchase our goods, that's not as convincing as if they really provided us their credit card information during a simulated purchasing procedure. When we're through, one quadrant of the matrix will include highly critical assumptions for which we don't have much evidence. These are the ones to begin with! Once you've determined what's essential, you may enter the things into a second 2x2 matrix that illustrates how difficult or easy it is to achieve each objective. Here you can read more about this -> https://kromatic.com/blog/completing-a-2x2-risk-prioritization-matrix/ Give your ideas a try At this point, we ask "Why is it important?" to turn the riskiest assumption into a hypothesis. Validating a business idea is more a science than an art. So, based on our experiments and data, we want to take the approach that will help us confirm or disprove our assumptions in the most organized way. The plan is to take a structured and methodical approach to our hypothesis. We can make a good hypothesis for our business in a number of ways. For example, https://kromatic.com/real-startup-book/hypothesis-checklist takes a methodical look at the change you are making, the thing that will change, how you will know if the change worked or not, and how long you will run the test. Like this: As a result, we have come to this conclusion (our assumption). Prove: Here, we'll do something to be sure (experimentation and action). Quantitative; using a standardized system of measurement (our metrics). If... then we have a valid argument (success criteria). Experiment We can try things out in many different ways, but good experiments should focus on one variable at a time so that the product team can easily see what's changing the results. Here are a few simple tests you can do to see if your business idea will work: 6.1. Interviews with customers to get to know them This is one of the best and easiest ways to check some of your first ideas. I usually set up about 10 interviews with real people or potential customers when I'm not sure about an idea or want to quickly evaluate it. There are a few rules to follow when doing these interviews, such as writing out your interview script ahead of time and taking steps to make an emotional connection with your interviewees. 6.2. Make sure you understand Another very powerful and easy-to-do experiment to test an idea. It's especially helpful for validating the Unique Value Proposition (UVP)—that is, do customers understand the value of what your product gives them? You can use a five-second test to find out what information and impression people get from your design in the first five seconds. The results can help you figure out what's wrong or unclear about your UVP. Is it how it's written? Too much jargon? How does it sound? The best way to say your Unique Selling Points (USPs) and Value Proposition is to use the exact same words that customers in your target market say during the customer discovery Interviews. Then you can give them another test lasting 5, 10, or 15 seconds. This is a very simple process: you show the user your USP or Value Proposition for 5–15 seconds, then hide it and ask them to explain it in their own words. Simple and reliable. 6.3 Fake landing page This is the most common and my favorite experiment, I love it. Most of the time, this method involves buying ads or getting targeted traffic to a small website that describes the product idea. Prospects show they are interested by leaving an email address, phone number or going through a checkout process that looks like a real purchase. Some general recommendations -> Make the landing page early on to show the Value Proposition, the USPs, and a fake buying process. -> Figure out the best ways to look at and keep track of (Google Analytics, Amplitude, HotJar, etc.). -> Make a small pay-per-click (PPC) campaign to get people to the landing page. -> Keep an eye out for the things you want to see (for example, clicking on the call to action, or signing up for the waitlist). -> You can change the content of your landing page or how you target your campaign based on what you learn from your data. -> Sort your ideas and experiments, and keep track of the results, decisions, and lessons you've learned. -> Keep trying until you can prove your most important assumptions. Then, if you want your business to grow, you should always be open to new ideas. Consequences of validating ideas The success of your company concept hinges on your ability to maintain an open mind and sometimes get your hands filthy in pursuit of knowledge. The truth about the potential and worth of your company concept isn't hiding in your own mind or your own workplace. You need to start talking to your consumers as soon as possible in order to benefit from their insights and experiences. For proper risk assessment and management, testing is essential. It's vital because it gives you the foresight and leeway to make adjustments as the project progresses and pivot as needed so that the final result lives up to your expectations. To do this checking and testing, you may use one of many well-known concept validation frameworks, and there are many methods available that will allow you to verify your assumptions with little effort and expense. Now is the time to test your hypothesis in the actual world. If you need step-by-step instructions for this kind of validation, you can try our All-In-One Notion kit. Fill out the form and we'll send you a link to the Notion board. https://unicamel.io/checklist-kit/ —- You can sign up for a consultation if you need help with the product market fit validation process, and we can talk about everything on the call. http://unicamel.io or http://smartsale.tech/product-bootcamp Best of luck on your journey!