Come up with your idea and validate it.
from The $150M secret: Turning $1000 into a $150,000,000 company in 3.5 years by Guillaume Moubeche
How to Apply This
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Look for a specific problem you want to solve.
Be attentive to problems in your own life and the lives of people around you. Then, choose one problem you want your future product to focus on. -
Come up with solutions.
Figure out how to solve the problem you chose. -
Check whether your idea is in an empty market or crowded market.
Your idea is in a crowded market if there are already existing solutions to your problems in the market. But if you’d be the first one to provide a solution to a specific problem, your idea belongs in the empty market. Knowing this differentiation will determine your next steps. -
Niche down if your idea is in a crowded market.
Check out your competitor’s target audience. Select an audience for your product that still hasn’t been targeted. -
Validate your idea if it is in an empty market.
Use social networks like Quora and Reddit to ask people if they struggle with the problem you spotted in the first step. For an extra layer of validation, you can pretend you already built the solution and ask people if they would be interested in trying the beta version of your product.
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