I have recently stumbled upon an infographic in one of Neil Patel’s blog posts. It showed why new businesses (call them #startups) fail.
There were so many reasons. And most of them actually relate to the very basics of #entrepreneurship.
So, I decided to start this mini #LinkedInseries with tips to never fail (although yeah, failure is good sometimes).
The most common reason why new businesses fail is NOT #funding. It is by far that
💥There is no market need💥
This indicates one thing: no prior validation.
It works best if you split the #validation into 2 stages:
- the idea
- the product/service
🦌 Today, I will focus on #ideavalidation:
- write it down
- google it
- get feedback
- test your assumptions
- draft your proposition
More details below!
If you go this far & it looks good, then you are ready to validate your product. #Staytuned for part 2 tomorrow.
🦌 Have you ever done any of these steps for a new idea or before launching your business? What happened?
A. No, I went directly into making it a business
B. I failed to come far or my idea did not get positive feedback
C. It helped me solidify my idea & make it a successful business.