Venture Validator

Knowing exactly who your product is for helps you think like your customer as you build your business. For example, a product for a stay-at-home parent will likely look different than one for a retired couple. Defining your target customer also helps clarify who is not your customer.

There’s no way around it. You need to get out and talk directly to potential customers. Connecting with people who experience the problem you are trying to solve can give you valuable insights as you develop and launch your venture.

What is the issue you see a need to fix or an opportunity to make better, why is your creative solution the right answer, and why do your potential customers care? Clearly answering these questions and explaining your product or service in a way that’s easily understood is essential to reaching your target customers. 

By utilizing the Business Model Canvas tool, you will explore how your venture creates, delivers, and captures value. You will identify your Customer Segments, Value Propositions, Channels, and Customer Relationships to clarify who benefits from your product, what makes it unique, and how you reach and connect with your customers. You will also define your Key Activities, Key Partners, and Key Resources to understand how your venture operates day to day. Finally, you will outline your Cost Structure and Revenue Streams to see how your business can sustain itself and grow. 

It’s important to understand other companies in your field or those serving the same customers you are targeting. Studying these businesses can help you identify what you need to do to differentiate your business.

Supply chains link your product to both suppliers and customers. They are built to support business growth by identifying needs and opportunities and responding with strategies that enable the business to scale effectively.

Creating a minimum viable product (MVP) doesn’t require significant money, labor, or advanced technology. It’s a basic version of your product that shows how your idea functions in the real world. An MVP is often the first prototype in the development process and helps you test assumptions before investing further. Identifying and fixing problems at this stage can save time and money as you refine future prototypes.