Ideas Are Just Potential Businesses - Javnyuy Joybert

"Real scientists come up with hypotheses rather than come up with an idea and believe it is true" Varun Mayya?

This is same with entrepreneurs and business ideas

Your ideas are hypotheses, not reality. Your goal is to prove you were right or modify the original idea until you are right or get the right market fit solution.?

When you are in the idea stage, you are in the process of idea refinement. An idea is not a business. It is a potential business when you do the right thing (Going through the right process).?

An idea in your mind that has not gone through the idea validation process or has not been converted into a market fit product really has no value.

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Hear this, if you are planning to start a business, never go into executing an idea. It is your responsibility to prove your idea on a real market with real users. This is where minimum viable product comes in.??

3 key things you must validate as you plan to execute your idea

a) User/Product: finding out if there is a need for your product/service.

b) Market: understanding who are the current players on the market, how big the market is, and how you can enter it. The goal here is to find the product-market fit where your solution meets the market needs. That is where success happens.

c) Business model: figuring out how you will make money from the idea.

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Cheers

Dr. Javnyuy Joybert

Mr. Remarkable

www.javnyuyjoybert.com