“Validating your concept and the demand for your product or service is one of the most important aspects when starting up. It can prove to be more important in the early stages than the design and unique features you have in mind. You don’t want to spend your time working on a business concept which doesn’t solve a problem for a large enough audience.
So be sure to undertake this process, by-passing it is easily done when you’re caught up in a whirlwind of excitement and visions of success. This is often where many entrepreneurs fail, they enter the market not fully understanding their audience and how they address their pain points at a price point that represents value. It’s akin to going into the world of business wearing a blindfold.
Ultimately establishing a realistic view of demand for your idea can prove vital when it comes to creating a business plan, forecasting, talking to potential customers and winning investment.”
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