6 Ways to Validate Your New Business Idea with Confidence

Allan Caeg Branding

I like to think of successful entrepreneurs as conquerors.

Let me explain:

They abandoned the known; job with a steady paycheck, security and benefits

… for the unknown; business startup, new branding work and customer acquisition from scratch.

They conquered the unknown and eventually enjoyed the rewards.

All these because they were confident enough to pursue the new business. They’ve done their due diligence in checking and researching about the business idea, its worthiness, how marketable it is and how they can use their skills to make a good product.

Are you one of them?

You’re building a new business. Now here are questions for you…

What has given you the confidence to start your business?

Who depends on your success, other than yourself?

Got a spouse? Children to feed? Teammates to convince? Investors?

You definitely have to inspire yourself to keep on going. Along the way, your loved ones will keep asking you questions regarding pursuing this business direction. I mean, you can just focus on steady, stable employment, right?

We keep going with our business if we’re confident

You’re confident if you know that it’s going to work, that it’s going to pay for the bills so you can keep on going with it. You’re confident if you know that it will support the lifestyle that you want to live in a way that you’re serving a worthy purpose. You know it’s worth getting up from bed for.

Remember the last time you were confident about a project?

You know that it was going to be worth it. Sure, no one can control luck, but you know it when you’ve done and research in a way that you’ve fulfilled your due diligence. It feels like the project is going to be rewarding for sure, at least for the journey and with a good, educated chance that it’s going to create the desired market response.

Understand due diligence

Overthinking causes paralysis.

I mean, how much homework should we do until we act? That’s why there are so many people stuck in the phase of preparing for entrepreneurship rather than practicing it.

So busy configuring tools, taking courses, watching videos, and reading blog posts… So knowledgeable but has zero traction.

It’s a shame to be so prepared yet the knowledge you have aren’t put in motion.

The other side of overthinking is not doing your homework.

Imagine marrying the wrong person. You won’t propose on the day you meet someone for the first time, right? You don’t want to commit your time and money to a business that would waste your most precious resources.

There’s a reasonable amount of preparation. You should take these steps before, for example, leaving a job and risking the future of your family.

Take no more or less than these necessary steps. Read the 6 tips below.

The road to becoming a confident entrepreneur

Make sure it supports the life you want.

Prefer to keep practicing your favorite skill? Want to have ample time to spend with the kids?

You gave up your high paying job because you don’t have time for your family. Or you can’t go on trips during holidays because you don’t have holidays! Are you sure you will not end up being in that same situation when you start running your own business?

Do your homework in terms of the necessary work to make your business idea a success. If you need to hire people to work with you, then go for it. You don’t have to be an island in your business.

#1: Make sure it’s a minimum viable product.

You see or hear it everyday. Exemplary products being launched. Success stories that makes you want to create your own product right here and right now. What you don’t know is that it takes a lot of money to produce. Or that it look years for the product to be developed. You start to lose confidence that you are building something huge that’s way beyond what you are capable of.

Even if you have the skills for it, make sure that it’s in your capacity to build the product from start to finish. Don’t end up with an idea that lacks enough market research… One that the audience don’t really want after all.

Battle-test your MVP, rinse, and repeat! Keep moving on.

#2: Make sure you pick initial opportunities that are likely to work.

You want it to pay for the bills, right? If it’s more than a hobby, it needs the characteristics of a good livelihood: good financial outlook.

Learn how to pick business opportunities that you are qualified and confident about. It’s going to be your source of income. You may be planning on branching out to related niches that you are confident you can infiltrate, because you know it’s going to work out. You can be sure of it. You can feel every blood in your veins pushing you towards that business idea.

#3: Make sure you have runway.

Sure, you can also go for moonshots. You can build hyper-growth startups based on technologies that require you to invest years and potentially millions of dollars. If you play that kind of lottery, make sure you also have the cash in the bank and the patience necessary.

If you’re setting out to chase a more realistic business opportunity, it’s also important to have the corresponding necessary money in the bank.

No matter how big or small the opportunity you’re working towards, you need the financial and psychological budget that gives you the confidence as you build on the early stage of the business.

#4: Make sure you get the buy in of people who influence you the most.

Your first supporter can be your spouse, best friend, parents or siblings. If at first they doubt you, show them how passionate you are about your startup business. Passion can be contagious. Once they see that you are oozing with confidence on how you plan to run your business, they will surely have your back.

Don’t let other people’s negative feedback unnecessarily sway your decision. You’ve done your due diligence on the idea. Have studied the market. Very much ready skills-wise. What more will you be worried about? All those aspects are surefire ways of clearing the path to you growing your business.

#5: Make sure to build confidence to get mentors onboard.

Finding the right mentor is a goldmine not only for your startup business but also for your sanity. These are the people who have been there and done that. Those are the mentors you should surround yourself with. They sure have a handful of take-out lessons out of them.

Present your business to your mentor. Define every aspect, detail your plans and listen to their feedback. The good thing with mentors is that they see angles that you might not see. Make sure that you keep your mind open to suggestions or comments they will give you. Think of them as constructive rather than destructive.

#6: Make sure you have a clear life vision or goal.

If you don’t, you are going to regret everything that you’ve done. Don’t be a victim of business regrets that some entrepreneurs have fallen into.

Be S.M.A.R.T. when planning your goals (here’s our ultimate guide for hitting your marketing targets). They should be specific, actionable, realistic and time-bound. Keep your initial goal in mind too:

  • To have more time with your family
  • To visit places you’ve never been before
  • To afford things that you have wanted for so long

If the business doesn’t support the life you want, what’s the point??

Incorporate all those to your business vision. Do away with plans that will drift you away from the people you love and are relying on you. Always have that time to do things that you are not able to do if you’re working a regular 8 to 5 job.

How successful people have done it

For Richard Branson, “Business is creating something that you believe in.” Watch this video of him telling entrepreneurs about business tips, starting up, scaling, winning and failing.

At some point, you have to take your due diligence into action…

Dilbert creator, Scott Adams, got a mentor from another cartoonist, Jack Cassady, who told him that “It’s a competitive world, but never give up”. His mentor might have seen that he has the skills but lacks the confidence to push through. Good thing he did. We might not have Dilbert entertaining us today.

Watch the story below:

Over to you

Are you ready to conquer the unknown?

Have you done your due diligence in order to be that startup conqueror you’ve read so much about?

If “yes” is your answer to these questions, then you shouldn’t over think anymore.

Start putting those years of technical experience into action and begin living the life you always wanted.