Step #1: Idea Viability
Idea Viability is the first and most critical part of creating your new business. Don’t waste any more time until you’ve completed this step. You’re here, you’re passionate and you’re ready with your idea, but is it viable? We dive deep into determining demand, market size, economic indicators, market saturation, price positioning, competitive landscape and more.
Looking to be successful? Don’t waste time or capital before knowing if your idea is viable first.
” Earlier in my career as an entrepreneur I had this novel idea I had shared with my friends and business owners. They were all supportive. After a year of building all this and launching the platform, there was not as much adoption as anticipated. I ended up spending a lot of time, money and resources building something that wasn’t useful. “ – – Yo Sub Kwon
What we dive into:
– What is Idea Viability?
– Why is it so important?
– Outlining What Problem You’re Solving
– Confirming Your Solution Solves Such Problem
– How to Know What People are Willing to Pay to Solve Such Problem
– How to Determine Product-Market Fit
– Tools to Use to Determine Market Size
– Can You Be Profitable?
– Is it a Good Fit For You? What’s your risk tolerance, do you have the time, money, and grit to succeed?
– Idea Viability Worksheet
– Idea Viability Questionnaire
– Potential Customers
– Back of the Napkin Startup Costs
Why did we pick Yo as your teacher?
Serial entrepreneur and cybersecurity expert, Yo Sub Kwon has a long history in the cryptocurrency space having mined his first Bitcoins in 2010. He co-founded Coinsetter, a financial trading platform for Bitcoin in 2012. In 2013, Yo was included in Inc. Magazine’s prestigious “30 Under 30” entrepreneur list. Coinsetter was acquired by Kraken in 2015. LaunchKey, a cybersecurity company providing secure authentication that he also co-founded was acquired in 2016 and is now owned by TransUnion.
This course may seem harsh, but it’s a vital first step for anyone looking to potentially save, time, money and/or future headache.
Idea Viability Worksheet Final
Appendix A - Idea Viability Questionaire
Appendix B - Potential Customers
Appendix C - Back of the Napkin Costs