Idea

People change several jobs during their working life. Those who leave work often deceive that entering entrepreneurial waters will leave them homeless and do not have the courage to take such a step. Because of that, first, you need to think carefully about whether you are ready to embark on this adventure and take a risk. The good news:

Starting a home-based business is available to anyone who wants to take risks and work hard.

This whole topic is about the importance of the idea. Once the topic is completed and approved, learners will be able to apply the knowledge received and recognize what is a good idea.

Resource: Pixabay

 In this topic we will learn:

1. What is an idea,
2. What is the path from an idea to business
3. What is testing and reducing risk

“Ideas are the beginning points of all fortunes”

These are the words of great Napoleon Hill.

But how to get from a good idea to a validated business? In the beginning, many entrepreneurs are convinced that they have a perfect idea. But the reality is a little different! Let’s take a look at the path from an idea to a business.

The path from an idea to real business it’s not easy.

You need to search a lot. But why is searching so important? With searching, you can get a lot of information that can improve that you are on the right track.

And what about the testing?

Testing is defined as a research method that involves asking customers questions about your concepts and ideas for a product or service before you actually launch them (Questionpro - Testing Definition). Before you really start investing your time and money in the development of your business, you should check if the idea is good only for you or is it something that can solve a certain problem and make other people happy. Also, it is very important to reduce any type of risk.

That’s why it is necessary to test your idea. But what do we need to do to reduce any type of risk? Let’s find out!

To test your business idea, you need to break the idea into small pieces. These little pieces are called hypotheses.

You need to find answers to the following questions:

1. Is there any potential buyer interested in your idea?  With this question, you will find out the desirability of your idea.

2. Is your idea possible? You need to find out on time the feasibility of your idea.

3. Can this idea bring some profit? You need to know the viability of your idea.

So, we learned three new important things:

• Desirability
• Feasibility and
• Viability

Conclusions

„Build something people want“.

That is advice by Paul Graham, a passionate entrepreneur, venture capitalist, essayist, and author. In the next parts of the course, we will go deeper in our path to test business ideas. We will pass 4 stages.

Those stages are:

• Design
• Test
• Experiments and
• Mindsets.

Here you have the contents of the lesson in PDF: