MBA980 Q&A Wednesday: How do I know my business idea is a good one?

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 11 April 2018

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ideas: we all have them. Some of them are even good. But is your idea good enough to sustain a business?

You don’t have to guess.

If you have an idea for a great product or service, you can find out — in the real world — whether it can actually sell. You can take concrete action to determine if your business idea has a decent chance of working. In today’s digital economy, it’s easier than ever to do market research. You just have to know where to start.

Today, we take you step-by-step through the process of validating your business idea. Before you put any other time or money into your idea, do this first. We explain simple, immediately actionable ways to “feel out” consumers. This way, you can proceed with more than just an educated guess: you can go forward confident that your product or service already has people waiting to buy it!

Want to build it, but not sure if they’ll come? Just ask! Find out how — Click Play!

Transcript

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0:00.0	Heyo! Welcome to the $100 R&B. The Business Podcast is about you being the best
0:15.4	entrepreneur you can be with their daily 10 minute business lessons for the
0:19.1	real world. I'm your host, your coach, your teacher, Omar at home.
0:23.7	I'm also the co-founder of the $100 MBA, a complete business training and community online
0:28.8	over at 100MBA.net.
0:32.0	And today's episode is a Q&A Wednesday episode on our Q&A
0:35.0	Wednesday episodes. I answer a question from one of our listeners. If you have a
0:39.2	question you want to ask just email me over at Omar at 100 MBA.net.
0:44.4	Today's question comes from Patty and Patty asks,
0:47.5	how do I know my business idea is a good one?
0:50.3	A common question yet so important.
0:53.0	If what you're offering your customers, your marketplace, is not something they want,
0:57.0	you're in big trouble.
0:58.0	You want to make sure you nail this.
1:00.0	You want to make sure that you actually have something people want before you start investing time and
1:04.3	money into your business.
1:06.0	And that's what we're going to be talking about in today's episode, how to validate your
1:09.1	business idea to make sure it's a good one.
1:11.8	So let's get into it. Let's get down a business.
1:14.0	Have an ingenious idea.
1:20.0	IndieGogo, the Global Launchpad for Entrepreneurs, can help you raise money for your product
1:25.8	and turn it into the next big thing.
	...

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