Businesses often think that having a ground-breaking idea is enough to conquer the market. Actually, bright ideas are great, but only the tip of the iceberg. Conceiving and validating an idea, the process of software development, selecting the team are vital processes that need to be thought out. Before we move directly to product development, let's take a closer look at defining the core business outcomes.
 
1. How to conceive a business idea?
Idea validation is the process testing the business idea to understand how viable it is. At this startup company stage, it's important to evaluate a product idea, as it helps to understand the potential users and their key needs, the competitors, and the market conditions.
 
"It’s really important to study the market, explore the products that are already on the market. Why will your project be special, what new value can it bring to customers? What tasks and challenges will be carried out? Our team always discusses these points with our clients. Each team member is focused on the questions ‛What are the listed tasks? What kind of problem do we solve?' You may think that these questions are too broad and can be skipped but I don’t recommend you do that. I can say that based on the years of experience. Let me give you an example.
 
We had a project when the client had no clear ideas about what kind of main features of the product should be. Going to the market, he was frustrated about the huge variety of changes which needed to be done to meet the product customization. Every customer wanted to see their own features in the product. Because of the strict deadlines and many end-users, our client hadn’t validated the clients’ demands and got the market research done. As a result, we were customizing functions for every user's requests. It was time-consuming and expensive. This could have been avoided if there had been better idea identification, provided marketing research, and informed decisions. Such a preparatory startup development phase would have enabled the client to understand the unique features of the product, make quick customization, and propose users a unique selling functionality”.
 
To validate the product idea, it’s important to set up market research. Market research is the process of gathering information about what is happening in the market. It includes research on market dynamics to get to know your competitors, potential customers, and market conditions.

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Your short plan to enter the market can be:
 
Define the geographical boundaries of your future market;
Segment the market and analyze the data;
Identify your target audience;
Explore the market trends to better understand how competitive your product will be;
Make a list of competing products in your future industry and define their key characteristics;
Identify your main competitors in the industry.
By answering these questions you can define the directions to develop your product, identify your market niche, and understand specific needs, thus getting a vision of your idea validation. The process of validation can be typically finalized by Proof-of-Concept or Minimal Viable Product building.