Yep! Entrepreneur Bootcamp | How to identify, test and validate a potential business opportunity
Everybody's looking for something to sell. Ultimately, you're trying to sell something, whether it's a service or a product, and you're trying to find a way to turn an invoice into revenues, it's a relatively simple process. But the trick is to find something or a service that somebody actually wants. The truth is you need to be able to engage your audience, no matter how you talk, and you've got to be able to do that, whether you're you've got a product on the shelf, and you've got to be able to engage people, if you're on social media, and you've also got to be able to engage people, if you're selling directly door to door.
you really just need to go and get in the room with your customer and actually start talking to them about what they're trying to achieve and what they're struggling with. Because if you can solve what they're struggling with, then you have a value proposition. So you really want to look at like the desirability, is there a pain point there? Are you creating a solution that is going to like serve that pain point? And are they willing to pay for that solving that you're going to be doing for them to always just come back to basics of talking to your customers. And that's where you start to really like identify all of the pain points and really just present themselves as opportunities. You don't have to build anything. You can put your your concepts together in a brochure and go and sit with your customers and ask them like, what do you think about? Do you think this is something that would be interesting to you, if five out of five of them are like, I'm never going to use this, then there's no point in building it, you need to go back to the drawing board. The best way to actually start learning whether there are pain points for yourself is to get out of the door and go and talk to the people that you potentially want to be solving problems for.
You have to try and just create the smallest version of what you can just to see if people are willing to pay for it. And again, you don't need to build the fanciest version of what your approach you're doing like once you've gotten some people like okay, we're interested in this, then you really want to test if they're actually going to put money behind.
Can I get like someone to like pay before I even built my product. Tesla is a great example. Like before they even built the cars, they had people like putting down a deposit, they first put up a landing page to see if anyone would even like sign up. Then they said okay, cool. Well you guys pay now, you've now tested the desirability, but people wanted and viability now go and build the car. And it was such an amazing example of like how you can approach something in like an experiment driven way, you have to think big, because like that's what gets team excited. And like driving towards this end goal. You know, it's I think it's very important to have like that goal in mind of where do we want to get to like, the first thing you can start with is just actually storyboards, just sketching out like your solution is sitting with customers and, and showing them through it and getting their feedback, then you can try and create the high fidelity prototype. So you can use things like figma, someone gave another example of credit IO, there are a lot of these amazing pieces of software, and where you can actually create like a clickable prototype. So they open it up on their phone, and it looks like an app, but you want to be sitting here with them, you want to be asking them to talk to you. So those are kind of to pull a few different examples that you can use for I guess, digital products.