I have an idea but how do I validate it?

[rjurasek]

Hey everyone, this is my first post, hopefully I'm doing this right.

I read the millionaire fastlane . Well listened to it on audible. I had an idea pop into my head today randomly.

It is a problem many skiers face while skiing powder or skiing the backcountry. There is a solution to it but it isn't widely used and it's also hated by some and doesn't work 100% of the time. But my idea would require designing and manufacturing a brand new product.

How do I figure out if this is something people would purchase without giving the idea away?

Not sure if these are stupid questions or not. I just want to learn how to validate it rather than investing thousands on design and manufacturing then making 0 sales.

 

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[Kak]

How do I figure out if this is something people would purchase without giving the idea away?

I think the biggest thing to remember is that 99% of people aren’t even entrepreneurial and 99.9999% of entrepreneurs aren’t thinking “ski product for powder.”

Of course there’s always risk in telling people what something is, but you’ll face it one way or another when you launch.

My advice is to discuss it with others. Be confident that you can outwork whoever you talk to even in the very unlikely event that they decide to take a long road of development and chase it.

You’re on the right road with validation. That’s what I would do. I’d collect enormous validation and I’d take that validation to investors.

 

[WillHurtDontCare]

How do I figure out if this is something people would purchase without giving the idea away?

You overvalue a pure idea too much. If Jeff Bezos told hundreds of people in 1994 that he planned to build a company where people can buy anything from their computer and have it shipped to their house in 2 days, do you think that Amazon wouldn't exist? Of course it would still exist, because execution is what actually matters.

The best way to validate an idea is to see if you have competitors. Competitors are proof that people are willing to pay for whatever you plan to sell.

But why would they buy from me instead of my competitors? Simple - because you outdid them at marketing or fulfillment (ideally both).

But what if I can't deliver better than my competitors? Stop giving other people so much credit - most of them are stupid. Seriously - you have no idea how rampant incompetence is, even in profitable companies.

 

[rjurasek]

You overvalue a pure idea too much. If Jeff Bezos told hundreds of people in 1994 that he planned to build a company where people can buy anything from their computer and have it shipped to their house in 2 days, do you think that Amazon wouldn't exist? Of course it would still exist, because execution is what actually matters.

The best way to validate an idea is to see if you have competitors. Competitors are proof that people are willing to pay for whatever you plan to sell.

But why would they buy from me instead of my competitors? Simple - because you outdid them at marketing or fulfillment (ideally both).

But what if I can't deliver better than my competitors? Stop giving other people so much credit - most of them are stupid. Seriously - you have no idea how rampant incompetence is, even in profitable companies.

Problem is I've never executed before haha. So my execution will probably, and by probably I mean 100% will, have flaws.

There are competitors in the space but the solution isn't great and isn't widely liked or used.

The problem still exists and people waste a lot of time woth this issue. It is a saftey hazard for backcountry skiers as well. Maybe there are no buyers and that's why companies haven't pursued it though. Or maybe it's been overlooked?

 

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[WillHurtDontCare]

The problem still exists and people waste a lot of time woth this issue. It is a saftey hazard for backcountry skiers as well. Maybe there are no buyers and that's why companies haven't pursued it though. Or maybe it's been overlooked?

Hire a VA to make mock ups of the product. $30-120

Create a shopify store - $29 per month + 12 google domains ad

Run facebook ads to your shopify store. If you get a decent cost per acquisition (percent of gross sale spend on advertising, 30% is a decent max), then make the product. $100-300 (depending on how much you have to spend)

You can test the idea that way. The only validation that matters is whether you get people to hand over their credit cards.

This is called smoke testing. You don't invest capital in building the thing until you validate the demand and business viability (IE profit).

 

[Consolation]

isn't widely liked

I'm currently using a local mobile service provider that I don't like. I still pay a lot of money even though I will never recommend it to others. I have no choice since their signal reception is widely available.

"I don't like" doesn't always translate to "I won't pay".

 

[Kak]

The best way to validate an idea is to see if you have competitors. Competitors are proof that people are willing to pay for whatever you plan to sell.

Sure it can validate your idea by having some competitor to benchmark, but it also highlights a headwind.

Some of the biggest and best ideas on earth didn’t have competition when they started.

I go out of my way seeking opportunities that have limited, weak, or effectively nonexistent competition. That lack of competition doesn’t scare me off because there are other ways to validate.

Here’s how I would do this with basically no money.

Meet with manufacturers and designers. Find out what it’s going to take to make the perfect product. Get lead times. Get product quality information. Get product capability information. Get product pricing information. Maybe even ask for free prototypes (so what if they say no), but they might not when you tell them you are going after REI and the other biggest and best ski retailers in the world. If you exude confidence that you are someone to take seriously, someone that can bring some serious opportunity, they might just give you prototypes. Believe you are that person. Be that person.

Using that information…

Develop a very well thought out and well researched presentation and invite the buyer from REI to dinner. Leave a damn good impression and get his/her thoughts. Do it again and again with REI’s competition. Find out what it takes to get them excited.

Now we stop at nothing to provide the very deal that gets them excited. Use that information to go back to supplier/manufacturer and negotiate on behalf of your future customers. You probably don’t have to get them everything they want, but get damn close.

After you do that, go meet with a bunch of investors. Key to this is “a bunch of.” Tell them about your success with REI and their competitors. Tell them they laid out their ideal dealings with you on their product. Tell them you can provide exactly that. It’s a home run, you just want resources to make sure you can say yes to even the largest of orders. Define what you want. You won’t have to give up much of the company to play with some significant resources.

Now go confidently with the investor money to the manufacturer and to the retailers. Get some purchase orders. Build a Shopify. Hire an influencer. Get your product into some customer hands.

All of this can be done by the end of the year.

 

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[Antifragile]

Hey everyone, this is my first post, hopefully I'm doing this right.

I read the millionaire fastlane . Well listened to it on audible. I had an idea pop into my head today randomly.

It is a problem many skiers face while skiing powder or skiing the backcountry. There is a solution to it but it isn't widely used and it's also hated by some and doesn't work 100% of the time. But my idea would require designing and manufacturing a brand new product.

How do I figure out if this is something people would purchase without giving the idea away?

Not sure if these are stupid questions or not. I just want to learn how to validate it rather than investing thousands on design and manufacturing then making 0 sales.

Lots of great replies here already. I just want to remind you that even if you fail (which you may), the experience of trying to do something like this will pay you dividends in the future.

Most non-yet-entrepreneurs think that ideas are hard to find, that ideas are rare and valuable. They are not. The most valuable thing is your ability to take an idea and make it into reality. That is a skill, like any other. It is developed with experience.

Armed with this fact, you have no way to lose! Jump right into it and go hard at execution. Share it with whoever you need to make it happen. Patent something to learn how to patent. Manufacture it to learn how to manufacture. Get investors to learn how to get investors etc.

Good luck.

 

[andrewhook]

In my opinion, you're simply starting from the wrong side!

Let me explain.

Why would I waste my time off of something I don't know works or not?

Why not starting of a problem that is still not solved (or not properly) and find a new, different and unique way to solve it?

I always see countless people always mentioning Henry Ford

"IF I HAD ASKED PEOPLE WHAT THEY WANTED, THEY WOULD HAVE SAID FASTER HORSES"​

Ok Boomer, but people already had to move from A to B before Henry Ford. He just invented a new and faster way to do that.


Reverse engineering now.

What problem does your idea solve?

If it doesn't solve any -> No market, let's go to the next idea.

If it does...

Is there someone else solving the same problem?

If there's not -> No market, let's go to the next idea.

If there is someone...

What are they doing?

Let's say your product is a pill that helps people lose fat (please don't sell that )

How are people solving the same problem rn?

1 - Gym
2 - Personal trainers
3 - Run
4 - Zumba
5 - Yoga
6 - Dieting
7 - Other pills

Ok. great. We're in a market where people are spending their money.

Now.

Why should I use your pill instead of...

...Going to the gym?
...Running?
...Dieting?
...Doing Yoga?
...Choosing other pills?

Gather all this information and you are ok.

You are in a market where people are spending their money and you have a unique solution.

Hope it helps!