5 questions you can ask yourself to validate startup ideas

Ideas are cheap, you can practically get ideas everywhere. At this digital age, your ideas are not unique as you think. Don’t fall into the trap of being “genius” as a founder. Instead, ask these 5 basic questions before pursuing it. These steps will not only save you time and effort but also minimize your risk as a young founder. I’ve learned these tips after the Workshop “Get Your Product Done Right” with the founders in the Vietnamese startup community:

1. Mr. Ho Viet Hai, Founder @ Triip.me
2. Mr. Bui Hai An, COO @ Silicon Straits Saigon
3. Mr. Doan Thien Phuc, Founder @ SetechViet

1. Do I know my game?

If your idea is related to the industry or expertise you’ve been working in, that would be ideal for you to dive in. Why? Because you’ve gained at least some knowledge and experience in the field. You, as the future-CEO of your company, will have more leverage and weight when talking/pitching/arguing about your idea because you have one thing others don’t, valuable insights.

Advice: Many successful founders started after years and years in big corporations. They were not only learning about the operation and management but also gaining real numbers, data, and trends of the industry. This knowledge is vital to a startup. If you’re fresh out of college, keep fueling your passion by learning and working a real job before starting up. The best advice would be working for a startup that fits your interest or passion. This will serve your energy as an entrepreneur as well as learning and getting the real execution in practice. Plus, startups are hiring ALL-THE-TIME!

2. Do I solve my own problem?

An idea is not realistic if it is not solving a problem. In startup land, idea is just a fancy word for “solution”. The solution you come up with should solve the problem you’ve been having or struggling with every day. Solve this problem with insights from the industry are a great combination for your future success.

Advice: Don’t try to look too far when it comes to ideas. While working and learning, pay attention to details and people. Find what you are struggling with and how to solve them. Talk to colleagues to see if they’re experiencing the same problem. Find what product/service can be invented, improved or changed in order to make everyone’s life easier.

3. Where to find my first 100 users QUICK?

Having an idea already, you have to start questioning yourself where you can get your first 100 users quickly. This question will simply make you think about your target audience as well as your market. Do you know where they are and how to reach them? How to sell to them?

Advice: If you’re not sure about the answer that means you are not familiar with your market enough to get real. Do more research, join groups, start interacting with customers to gain more insights about your market and customers.

4. How to validate this idea with my customers?

This is such a pain! But remember, no pain means no gain! Once you have your first 100 users in sight, go out and test your idea. There are many ways to validate your idea, here are a few tips from our speakers: