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Problems during validation

Discussion in 'Planning Your Business' started by belmond, Apr 4, 2016.

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  1. belmond

    belmond Member

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    Hello guys, I'm in a need of information: how do you validate your startup hypothesis and what problems do you enocunter while at it? Thank you!
     
  2. jona

    jona Member

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    Well, when you create your Business Plan, the process itself will guide you through all the aspects of your idea that you have to cover and validate. For example, you will eventually arrive at where you have to describe your potential market and how much do you have to capture of said market to be profitable. The Business Plan is not just a document, it is an actual process and the final document is just an artifact produced at the end.

    If your idea is very innovative you could face some issues determining your market as no previous data exists, so that could be one of the first problems that you could encounter, just be careful though, if you have a lot of trouble determining the potential market for your idea it could be because no such market exists and that's a huge red flag. You don't have a business if you lack a market to sell your products.
     
    T J Tutor likes this.
  3. puneeth8994

    puneeth8994 Member

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    As jona said, you gotta create a business plane first. That will start to make everything else clear.
     
  4. T J Tutor

    T J Tutor Member

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    Yep, start developing a Business Plan and you will find that following the requirements of the plan will cause you to determine viability.
     

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