7:423 Ways To Validate You Have A $1,000,000 Business Ideas (#353)
From My First Million · Published Jul 5, 2023 · Watch on YouTube
TL;DR
The video presents three methods to validate a business idea: (1) conduct problem interviews with customers, verifying problem severity and prior attempts, then request a friction-filled commitment (money, data, etc.); (2) adapt a concept already proven in another market (e.g.
Key insights
- The "Mom Test" book principle: during customer interviews, never pitch your product; only discuss the problem. Polite interest is a false positive.
- To gauge problem severity, ask what the person has already tried to solve it. If they’ve attempted multiple solutions and failed, it’s a real problem.
- After confirming the problem, you can present your solution, but then require a frictionful commitment (payment, data, account connection) to separate genuine interest from politeness.
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