Evaluating your business idea

Why Evaluating Your Idea is Important

99.99% of people have had an idea and thought it could turn into a successful business. We think about this all the time, right? This happens because we have constant needs, and when we identify a legitimate need, it's inevitable to think that someone could offer a solution for it.

Despite having these "insights" from our environment, we often don't pay much attention to them, whether due to lack of time, willingness to undertake, or attention to our own insights.

The most common mistake aspiring entrepreneurs make is believing that everyone will like their product or service just because they think it's good. When friends, relatives, or close people encourage us, we get excited, don't we?

However, having an idea based solely on our own perception is not enough. Many people have good ideas, but not all achieve the desired success or even move forward. One of the reasons for this is not asking the right questions that would lead to accurate answers.

Tools to Evaluate Your Idea

A highly recommended tool for evaluating your idea is the Lean Canvas. Widely used by digital startups, this approach is useful for any business idea, as it deals with the Problem x Solution dynamic.

Problem here means a need (demand), something we constantly experience in our lives.

Practical Example

Imagine you're walking down the street and trip badly on a poorly finished sidewalk. You're alone, with your finger bleeding slightly (don't worry, it's just an example). You look around and think: "There could be a pharmacy nearby."

This insight shows a real need (problem): the lack of a pharmacy in that location. This is the Lean Canvas dynamic in action.

• The Problem: People suffer minor accidents and don't have a pharmacy nearby.

• The Solution: Open a pharmacy in that location.

• What people do today: Walk 3 km to the nearest pharmacy or order delivery.

• Who will be your early adopters: Residents of the area and passersby.

From this point, you should think and study all the necessary aspects to determine if opening a pharmacy there is a good idea.

• What is the value proposition?

• How to get the solution to customers?

• What will be the main costs?

• Where will the revenue come from?

Conclusion

By carefully evaluating each aspect of your idea, you can identify if it truly has the potential to become a successful business. Consider using tools like the Lean Canvas to structure your evaluation in a practical and efficient way.

Use Tools to Facilitate Planning

To assist with this planning, Vibz offers a straightforward way to validate your business ideas.