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Idea Validation: Should I validate my business idea or ‘just do it’?


Have you ever had a business idea that you thought would be a sure winner in the marketplace and could not wait to start? I have, and like so many of us, when we are pumped about something, I went all in and devoted resources to it — energy, time, money, etc. I even connected with a few friends who were also interested in the idea, and we began having weekly meetings with deliverables to boot.


While we made some progress in trying to get the business off the ground, it wasn’t long before it dawned on us that we would not be able to start the business — at least not at that time and not in the way we were going about it. The issue? Regulation. We wanted to play in a highly regulated space, and we just had not done enough homework to understand the regulatory intricacies and how to navigate them. I went from being pumped and excited to being deflated in under a year. Needless to say, we all moved on from the idea.


To make things worse, that was not the first time. Having learnt from these experiences, I now approach things differently. I have learnt always to validate business ideas before I begin to run with them. Over the next couple of posts in our series on idea validation, I will be discussing BizPartner’s approach to idea validation.


Validating a business idea simply refers to exploring the idea with the goal of making an informed and considered decision about if, when and the best way to take the idea forward. Idea validation assumes that not all ideas are viable, and the viability of an idea should be determined before going forward with it.


BizPartner considers four criteria in determining the viability of a business idea. These include:

  • Product/ service viability — does the product/ service have commercial potential?

  • Industry/ market viability — will the product/ service appeal to the market?

  • Organizational viability — do you have sufficient skills and experience to bring the product/ service to market?

  • Financial viability — is there enough capital or a plan to generate capital to sustain the business until break-even?

BizPartner’s view is that an (intending) entrepreneur should not take a product or service idea to market until he/she has answered each of the questions above in the affirmative. We believe that an (intending) entrepreneur who takes the time and effort to validate a business idea before launch stands a better chance of turning the idea into a business.

It is important to state that idea validation is not a long-winded process but a quick check to ensure that the (intending) entrepreneur has gathered enough information from the exercise to either quit the idea or refine the idea and ultimately increase the chances of successful execution.


There are many benefits to validating business ideas. Validating an idea:

  • It helps the (intending) entrepreneur avoid resource wastage — time, energy, capital, etc.- on the wrong idea.

  • It brings clarity of mission and approach.

  • It results in faster execution and, consequently, value delivery.

  • It increases chances of business success and reduces risks of failure.

If you are a first-time entrepreneur or serial entrepreneur, make idea validation a practice before launching that venture and see your chances of success increase drastically.

If you have a business idea and you see some value in validating the same, please send an email to info@bizpartnerng.com, call us at 0901 000 2088 or drop a message at https://www.bizpartnerng.com/contact


For more on how we can partner with you to develop your idea or grow your business, please visit https://www.bizpartnerng.com/services to view our list of services.


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