{"id":2011,"date":"2023-09-25T14:36:35","date_gmt":"2023-09-25T14:36:35","guid":{"rendered":"https:\/\/ecinnovates.com\/?p=2011"},"modified":"2023-09-27T18:09:17","modified_gmt":"2023-09-27T18:09:17","slug":"dont-blindly-build-your-idea","status":"publish","type":"post","link":"https:\/\/ecinnovates.com\/dont-blindly-build-your-idea\/","title":{"rendered":"Don\u2019t Blindly Build Your Idea"},"content":{"rendered":"

In 10+ years of working with startups, I\u2019ve seen thousands of concepts. My initial meetings with founders have ranged from scaling businesses with multi-billion dollar valuations to a founder with little more than an idea on a whiteboard and everything in between. Over the years, one of the most common\u2014and costly\u2014mistakes I\u2019ve seen comes down to this: building a product based solely on <\/span>your<\/span><\/i> idea.<\/span><\/p>\n

What does this mean? Ideas are great, but they\u2019re just a fraction of what it takes to create a valuable business. What really matters is finding an urgent customer problem so you can define a solution that addresses their needs. This is product-market fit, and it\u2019s the most essential first step in starting your company. If you\u2019re building a product based on your idea\u2014and ignoring customer input\u2014you\u2019re leaving a lot to chance.\u00a0\u00a0<\/span><\/p>\n

One of the most gut-wrenching moments you can have with a founder is being in the room when they realize the product they\u2019ve built\u2014spending hundreds of thousands or even millions of dollars\u2014is worthless in the eyes of their target customer. But, when it\u2019s done right, entrepreneurs can get their business started and even pay for the build of the product with customer revenue from the beginning.<\/span><\/p>\n

Here are five ways to validate your idea to ensure the journey to building a product has a customer at the other end.<\/span><\/b><\/p>\n

Define the Problem and Solution in Simple Terms<\/b><\/h3>\n
    \n
  • Problem: What is the <\/span>assumed<\/span><\/i> market and\/or societal need? What is the economic impact of the problem or opportunity?<\/span><\/li>\n
  • Solution: What is your <\/span>assumed<\/span><\/i> approach to solving the problem?<\/span><\/li>\n
  • Who are your <\/span>assumed<\/span><\/i> users, buyers, and proposed channels to capture them?<\/span><\/li>\n<\/ul>\n

    Define the Target Market<\/b><\/h3>\n
      \n
    • Total Addressable Market (TAM). All potential customers.<\/span><\/li>\n
    • Serviceable Addressable Market (SAM). What are the filters to your TAM to get to your initial target market?<\/span><\/li>\n<\/ul>\n

      Conduct Primary Market Research<\/b><\/h3>\n
        \n
      • Conduct qualitative interviews and quantitative surveys to gather primary market insights. This is your own research, not a third-party article or industry report.<\/span><\/li>\n
      • Use techniques that will get you unbiased results. Consult a market research professional if you don\u2019t know what this means. You\u2019re not looking for results that simply reinforce your assumptions. You\u2019re looking for the <\/span>truth<\/span><\/i> about what your customers actually think.<\/span><\/li>\n<\/ul>\n

        Analyze Feedback and Repeat<\/b><\/h3>\n
          \n
        • You won\u2019t get all the answers in this first survey. You\u2019ll get a few insights and gather data, leading to even more questions.<\/span><\/li>\n
        • Refine your interview scripts and surveys, then repeat.<\/span><\/li>\n<\/ul>\n

          Don\u2019t Build Until You Hear the Market \u201cPull\u201d<\/b><\/h3>\n
            \n
          • I\u2019m often asked, \u201cHow many interviews or surveys does it take before I know I\u2019m ready to build?\u201d The answer: You will know.<\/span><\/li>\n
          • Your feedback will evolve from negative or even marginally positive responses like \u201cThis is cool\u201d or \u201cI can\u2019t wait to try it\u201d to \u201cOh wow! I need this now\u201d and \u201cWhen can I have this!\u201d and \u201cThis will transform how I run my business!\u201d<\/span><\/li>\n<\/ul>\n

            In conclusion, don\u2019t just blindly build something that reflects your idea. This is the lazy path; no easy button exists to create a great product and business. Talk to your market. Take the time to do the work and find the truth about what your market needs. Your future customers\u2014and your future self\u2014will thank you for the effort.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

            In 10+ years of working with startups, I\u2019ve seen thousands of concepts. My initial meetings with founders have ranged from scaling businesses…<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nDon\u2019t Blindly Build Your Idea - The Entrepreneurs' Center<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ecinnovates.com\/dont-blindly-build-your-idea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t Blindly Build Your Idea - The Entrepreneurs' Center\" \/>\n<meta property=\"og:description\" content=\"In 10+ years of working with startups, I\u2019ve seen thousands of concepts. 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