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How to Research Your Idea?

Updated: Jan 6

Recommended Read: How to come up with Ideas?


How to Research on Your Idea?


[Sources: Andy Areitio, Maitrik Kataria]

Use the below framework to research your idea:


How to Research Your Idea?

Who: Target Users for your idea


What: Problem/Pain Point that your idea would solve (preferably 1 large pain point)


Why: Your unique value proposition i.e. why would users buy your product as against competitors?


Where: Will you distribute your product to reach the targeted users?


How: Will you generate revenues, the cash flow, and achieve profitability?


Which: Stakeholders (vendors, distribution partners) to partner with for the supply chain?


When: will you be able to scale up/achieve growth for your venture?


Another important aspect is to also determine whether your product is a “nice to have” or a “must have.”


A loosely define terms for both is:

  • Nice to have: Good to have one, but may not be a necessity/need.

  • Must have: When your product saves a significant amount of pain/time, money etc., or make customers lives a lot better.

A "must have" product far succeeds than a "nice to have" ones.

 

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