Kevin had an idea of letting shops share their promotions with nearby users using technology and rushed headlong into it. After a year of development and 3 months after launch, he had 500 downloads and 50 shops signed up. Unable to secure any more funding, he closed his venture InstaCoupon.
One of his key learnings was “validate, validate, validate”. If only he had pressed the pause button at the idea stage and asked around, he might have figured that it would not, atleast not in the way he was envisaging, take off. He would have either found a better way or looked for a better idea.
Well, what about you?
- Do you have an idea that you believe in completely and give it all that you have and more?
- Are you betting your future and that of others on this idea?
Congratulations. You have all the makings of a serious and successful entrepreneur.
But don’t make the mistake that Kevin and hundreds and thousands of entrepreneurs like him did!! Get your idea validated before you commit your time, resources and energy to it.
You can either do it yourself or you can get it done by someone who is competent and objective enough.
It may be quite difficult to do it by yourself because you are so attached to the idea and hence will be seeking to reinforce it than validate it.
Check out VoIS (Validation of Idea Service) from IdeaToIPO Growth Consultants.
In just one session, you will have the clarity to:
- Pursue the idea with full vigour or look at alternative means to make the same idea work
- Drop the unviable idea and look at something else
Either way, you would have saved valuable time, money and energy which would have otherwise been lost in chasing a mirage.