In the chaotic world of entrepreneurship, it is rare that entrepreneurs assess how they work, and how they organize and execute their days. We are often running from fire to fire and don’t think about the ways we can be more efficient, more balanced, more rested and more effective.
Is Your Business Idea Viable?
How do you validate your idea to determine whether it can be a business success and help you achieve your personal and professional goals as an entrepreneur? There is no magic formula, but there are certainly ways that you can have a better sense of whether your idea has legs.
Here are a couple of techniques to help get you started:
- Unique Value Proposition. In addition to solving a business problem, you must be able to do so in a way that is unique so that customers turn to your product or service. Take some time to hone in on why your solution is unique. Try using a technique they called the “seven why’s”. Ask yourself the question “why are we unique?” and then when you get the answer, ask yourself “why?” seven times. When you get to the end, you will likely be honing on why your business is different.
“You must be able to clearly articulate the business problem you’re solving and why that problem is not being solved by alternative products or services.”
- Hone in on a Business Problem. Businesses succeed because they solve a problem for a consumer, business, or other customers. You must be able to clearly articulate the business problem you’re solving and why that problem is not being solved by alternative products or services. Clearly lay out the specific business problem that you believe your product or services solves.
Thinking through these issues is worth the time. They will give you a sense of the risks and rewards of your business idea.
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