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How do you measure the feasibility and viability of your business idea?

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You have a brilliant business idea that you think can solve a problem, fill a gap, or create value for your customers. But how do you know if your idea is feasible and viable, meaning that it can be implemented and sustained in the real world? In this article, we will explore some methods and tools that can help you measure the feasibility and viability of your business idea, and avoid wasting time, money, and energy on something that might not work.

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Dr. Yannick Doh ??

Je t'aide à trouver l'idée qui te fera bondir du lit pour gagner plus d'argent

1 Define your assumptions

The first step to measure the feasibility and viability of your business idea is to define your assumptions. Assumptions are the beliefs or hypotheses that you have about your idea, your customers, your market, your competitors, your value proposition, your revenue model, and your costs. By listing your assumptions, you can identify the most critical and risky ones that need to be validated or invalidated with evidence.

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Dr. Yannick Doh ??

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The definition of the assumptions is as important as the definition of the misconceptions. It is sometimes part of the beliefs but sometimes it is more than that. What is impossible? Is the question that can help to define these misconceptions.

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2 Conduct market research

The second step to measure the feasibility and viability of your business idea is to conduct market research. Market research is the process of gathering and analyzing data and information about your target customers, their needs, preferences, behaviors, and pain points, as well as the size, trends, opportunities, and threats of your market. You can use various methods and sources to conduct market research, such as surveys, interviews, focus groups, observations, online platforms, reports, and publications.

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Dr. Yannick Doh ??

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Clearly, the pain points are the first things to envision. Then, before jumping in a big market search, you can open a 1-on-1 conversations with people who you know that might have this pain points. A shout-out to your first and second circle can help you identify 5 to 10 potential customers to whom you can do a deep market search.

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3 Test your solution

The third step to measure the feasibility and viability of your business idea is to test your solution. Testing your solution means creating a prototype or a minimum viable product (MVP) that represents the core features and benefits of your idea, and exposing it to real or potential customers to get their feedback and reactions. You can use various tools and techniques to test your solution, such as experiments, landing pages, mockups, demos, or pilots.

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Dr. Yannick Doh ??

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The creation of the MVP is always tricky. Too simple and it does capture the essence of the idea. Too complex and it cannot pivot in case of change. That where a good market search can help identify a MVP that you can quickly test and pivot if necessary. The easiest are always landing pages, mockup, survey with intention to buy, etc.

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4 Evaluate your results

The fourth step to measure the feasibility and viability of your business idea is to evaluate your results. Evaluating your results means analyzing and interpreting the data and insights that you collected from your market research and testing, and comparing them to your assumptions and expectations. You can use various frameworks and metrics to evaluate your results, such as the lean canvas, the business model canvas, the value proposition canvas, the customer validation scorecard, or the traction gap framework.

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Dr. Yannick Doh ??

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Structuring the data collection helps to understand better how to pivot with your product. Selecting 5 KPI to follow in your data should be sufficient to understand and read the trend.

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Kodjovi MAWUKO ADEGBE

Infopreuneur I Formateur & Accompagnateur I Je génère pour vous 400 leads qualifiés B2B par mois I Je vous aide à mieux séduire vos clients potentiels et à transformer vos clients en promoteurs de votre marque
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Beaucoup de jeunes entrepreneurs se lancent sans mesurer ces aspects de leurs projets. Ce qui est vraiment domage car c'est l'echec à 99%. Pour ces exercises, moi je me concentre sur deux outils essentiels: Le Golden Cercle et le Business Model Canvas. Prealablement les outils d'analyse tels que Le SWOT et PESTEL me permettentent d'avoir une vision claire sur le marché. Aujourd'hui nous devons beaucoup vulganiser ces outils auprès des aspirants entrepreneurs pour une meilleure prise en charge de leurs projets et pour une augmentation de leur "confiance en soi"

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5 Iterate or pivot

The fifth step to measure the feasibility and viability of your business idea is to iterate or pivot. Iterating or pivoting means making changes or adjustments to your idea, your solution, your value proposition, your revenue model, or your market based on your results and feedback. You can use various methods and tools to iterate or pivot, such as the build-measure-learn cycle, the pretotyping method, the pivot pyramid, or the pivot canvas.

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6 Assess your readiness

The sixth and final step to measure the feasibility and viability of your business idea is to assess your readiness. Assessing your readiness means evaluating if you have the resources, capabilities, skills, and commitment to execute and scale your idea, and if you are prepared to face the challenges and uncertainties of launching and growing a new venture. You can use various tools and checklists to assess your readiness, such as the feasibility analysis, the readiness assessment, the startup scorecard, or the founder fit test.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you measure the feasibility and viability of your business idea?

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3

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1 Define your assumptions

2 Conduct market research

3 Test your solution

4 Evaluate your results

5 Iterate or pivot

6 Assess your readiness

7 Here’s what else to consider

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