Merhaba
So, I embarked on my journey of making money and at the moment I learn, learn, learn, ...
Now, I have some ideas which feed through initial questions to filter out ideas that are worth exploring (it is a 10-minute test). Let's say, I have 20 ideas and of these 20 ideas, maybe 1 or 2 seem to be interesting and worth exploring further.
So I have 1-2 good ideas. For this kind of idea, I normally start to write a (lean) business plan. A business plan helps me to shed the light on new viewing points that require examination or learning.
The most recent point I got stuck and invested time in was the target audience. I get the value and why it is important to talk to the target audience before even thinking about the product/service.
Now, that's all cool and fine. Out of this constellation rises a question:
What are metrics that I can use to verify that my idea is worth going through the work of conducting target audience interviews?
The reason why I ask this question is, that the effort to conduct interviews can be heavy and I only want to do that if other metrics of the idea highlight a worthy idea.
For example, to verify if it is worth writing a lean business plan for an idea, I ask myself appr. 10 questions about that idea. I give each answer a score and the total score determines if it is worth it for me to do the writing. Are there similar key metrics that you use before going into interviews?
Hi @HannesHolst, please forgive me for using your post to give my point of view on the more general subject of metrics in decision making.
What is it with the notion of deconstructing every single decision into multiple smaller decisions, each of which should be measured separately by another set of even tinier decisions. It's a decision paralysis in a self-inflicted form and I hate it.
To answer your question:
if your idea came about as an attempt to solve a specific problem of a specific audience, and you have a way of doing it, talk to your audience.
talking to your audience does not have to mean time-consuming 1:1 interviews, there are many ways of conducting initial validation in an easier way.
Hello @filey -- cool reply.
Metrics in decision making can be useful. Beginner entrepreneurs can benefit having some guidance to be "on the right path" due to lack of experience. But I get your point that "too much is too much".
I like the idea of conducting a "broader validation" instead of jumping directly into LinkedIn and writing 100 messages. I will do my research into that direction now.
Thanks for the inspiration.
Absolutely, guides, metrics, and systems should be a foundation of every decision, but should not replace them!
No idea if this is relevant to you, but perhaps you'll get inspiration from our toolkit we made after wasting a lot of time with poor validation: https://everygoodidea.notion.site/Validation-Toolkit-8c5372731cb44e78a68a9540972d5075
And good luck with your idea!
This comment was deleted 3 years ago