Have a new business idea?
Why is it important to validate a new idea?
Before your spend too much money trying to get a new business or startup idea or app idea off the ground, it is important for you to validate that your business idea or app idea solves a problem that customers are willing to pay for, so validate business idea.
The most important part of starting a successful business is testing business ideas before wasting too much money on something your potential customers might not want.
So before you spend money building a new app or launching a new business or startup, let us help you to get answers some answers on if you have a good business idea?
What are characteristics of a good business?
A good business idea is NOT necessarily a ‘one-of-a-kind-business’ or a complete new ideas, hardly any ideas are new BUT:
- It solves a niche problem in an existing market. For instance Snapchat: deletes messages within a time period and focuses on a substitute to face-to-face communication, unlike Whatsapp for instance.
- It might be more usable than the existing market players, so better experience for customers (MySpace v/s Facebook)
- It is better priced
- It speaks to a specific subset of a market better than your competitors
- How can you utilise technology over competitors already in the market (distributive banking for instance)