An idea needs a conviction to come into existence. But just because you have the conviction to turn your ideas into reality, it doesn’t mean you have the right idea.Make sure your idea is something that people crave for.

Surprisingly, it doesn’t matter whether you blindly trust your idea or not; the next step is going to be…

De-risk the Idea

De-risking means learn how to validate the idea, and get rid of false assumptions backing you up. Search more about Venture Sprint Process, and develop an understanding of your market. You may be well-versed in lean startup methodology, but you are going to cycle through various ideas till you find one you believe in.

So, can you know beforehand that your ideas will work? The actual answer is, “it’s hard to say.” But you can experiment beforehand to get a direction. This will make your idea feel more science than art. So, validate your idea before execution to get a better sense of your direction. Following we will describe three important elements of the validation process.

Skepticism

“If you stop and throw stones at every barking dog, you will never reach your destination.” – Winston Churchill

When you are working on a new idea, and you want to show it to someone, prepare yourself for skepticism. You may believe your idea is worth millions, but you will never know if it’s only a shiny new penny. Besides the idea itself, your execution plays an important role as sometimes the product development can be a crutch whereas in some cases the sale volume is not satisfactory.

Here is the hard truth, you will get burned a few times before you develop a market fit product. So, yes you need to prepare for skepticism but think of it as advice. It can be ironic, but it can hold invaluable advice.

Don’t lose confidence; there are many examples of inspirational content that will fire you up to pursue your aspiration, like YouTube with Frank. Such content can give you a real insight into what you are missing.

See Market Demand

People try out new products every day, yes we live in a more innovative and forward society. While it promotes creativity and innovation while considering features, functionality, UI/UX but it can make you absurd.

Therefore, you should focus on market demand before validating the idea. If your idea isn’t very popular with the general audience, then detach from it to save your time and resources. It wants to help you generate revenue, let alone establish a client base.

Keep Traction

You chat with a gazillion people, but only a few of them will turn customers and that too after long chatting, calls, email, and god knows what else. Track and send investments including sales volume, company expenses, and overall revenue. Consider having a Net Promoter Score with every lead, and use it with Market Fit score.

Everything we mentioned here is admonitions against your bias, don’t be over-optimistic about your idea. Validate demand, market setup, your resources and strategies before taking the first step. The point is, you will dedicate your limb and bones to your idea, so at least make sure your vision makes sense before you do anything else.