Take 1 – Taking Your Idea for a Test Drive

Testing a business idea

Today we’re going to take a bit of a break from planning. After completing your feasibility analysis, you probably should take a couple of days to let it settle. Keep the ideas percolating, but take some time to get out of your own head; and see what other people think. Now is the time to test, test, test! This will certainly mean different things for different people, though.

If you are developing a new product or technology, you will probably need to complete planning and financing before you can create a fully functioning prototype; but you can field the idea with potential consumers. Don’t only talk to friends and family (let’s face it, of course they’re going to tell you your idea is great and that they will buy it when it comes to market); do some down and dirty field research. Branch out from the few people you talked for your feasibility analysis and really canvas the market. This will not only tell you if your product is marketable but will also give you some free advice for how to improve.

If you can create a fully functioning product at this point, DO IT! And then have as many people as physically possible test it out and give their feedback.

Finally, if you have a B2B product and are given the opportunity to test it in a business setting, even without pay, go for it.  Again, this provides you an opportunity to perfect your idea before you flesh it out in a plan and approach investors.

Most importantly, embrace every piece of feedback; be gracious, humble, and thankful to every person that is willing to give you a shot.

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