Did you know that 42% of startups fail because there’s no market need for their product?
Validating your business idea is crucial. In this episode of our Q&A Wednesday, I’m walking you through practical steps to ensure your idea has real potential.
From market research to creating an MVP, learn how to test your concept before investing time and money.
So if you’re not sure if your business idea will work, dive in and let’s get started.
Timestamps:
00:00 Welcome to the $100 MBA podcast
00:06 Why is Business Idea Validation Important?
01:09 The Reality of Business Ideas
02:16 Key Factors for a Successful Business Idea
03:02 Steps to Understand the Problems Your Business Solves
04:49 How to Conduct Market Research
06:09 How to Create a Minimum Viable Product (MVP)
12:27 Adapting Based on Feedback
16:33 How to Achieve and Maintain Product-Market Fit
18:13 Why You Need to Take Action Quickly