Ask a Coach Hour - The Key Takeaways
Did you miss last week's session? Check out Jaikishan Prithiani's 6 tips for idea validation.
- Do not validate your idea with family or friends! Of course your friends and family want to see you succeed. They may not be honest with you about the viability of your idea. In fact, it may be that your friends and family don’t even fall into your target market segment and therefore do not offer feedback that can serve your startup. This is because they are not your target customers. It’s an easy mistake to make, steer clear!
- Surveys are your friend! Even if you are shy, there are many companies that can help. Approach them to support you in understanding what your target market is struggling with, what is their pain point, and this will help you assess whether you're providing a solution that is addressing their problem.
- Define your target market concretely! Don’t start too broad.
- Market research and idea validation go hand-in-hand! Market research can be specific to learning more about a specific gender, region, age, or income group. Market research allows you to properly udnerstand and define your potential customer base and ensure you are validating your idea with a well-defined target audience.
- Don't stick to your idea. Pivot your idea during validation to get the best-fit consumer group.
- Jai’s 3-P’s for Idea Validation
- Identify the problem
- Design the painkiller
- Bring your Passion
To learn more about Jaikishan and his enterprise, check them out here www.startupbase.ca.