My First Million One Question Friday: What Does It Mean To "Test Your Business Ideas"?
26 snips
Aug 26, 2022 Dive into the art of testing business ideas! Discover why meaningful conversations with potential customers are key to identifying real challenges. Explore effective strategies for validation, emphasizing authentic interactions and persistence in refining concepts. Gain insights on how both qualitative and quantitative feedback can shape your entrepreneurial journey. It's all about understanding customer needs to craft successful solutions!
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Customer Conversations
- Test business ideas by talking to potential customers about their problems, not your solution.
- Gauge their interest by asking about their attempts to solve the problem and the language they use.
Basketball Camp Validation
- Shaan Puri validated his basketball camp idea by asking interested individuals to Venmo him $1,800 upfront.
- This direct approach, despite lacking a website, secured immediate commitment and validated demand.
Intensity in Validation
- Talk to many people to validate your idea, often requiring 20-30 calls for one interested person.
- Consistent, intense effort is key, dedicating full days to customer calls.
