Week 6: Validation

 VALIDATION

RECAP

    Previously on my blog, I discussed on one of the lessons in day 1 of lecture series, which tackled the topic: Interview Planning and Hypothesis Testing. Long story short, Interview Planning is the process of formulating a systematic process in order to conduct an interview and hypothesis testing is the process of formulating a hypothesis and using that hypothesis to make decisions to advance an entrepreneurs'/s startup idea.

    In this blog, I learned another subject that helps in building a startup company, enter VALIDATION.

VALIDATION

    What is Validation?

    Validation is the process evaluating and testing a startup team's idea in order to identify whether the idea that they have is feasible, adaptable, and has potential to be successful in the marketplace. The purpose of validation is to allow entrepreneurs to decide and validate whether their ideas are feasible through data gathering in order to increase the likelihood of success. 

   Steps for Validating Ideas

    Validation of ideas varies upon the idea of the entrepreneur, but generally it involves:

        1.) Defining the target market

                -We need to be able to determine the customer's preferences, problems, needs, and behaviors.

        2.) Create an MVP

                -We need to be able to create a minimum viable product or MVP to be able to test the product to a small sample population.
        3.) Hypothesis Testing

                -Using the MVP developed, we need to create hypothesis, and test that hypothesis with the help of interviews, surveys, or other methods of gathering data in order to receive feedback from target customers 
        4.) Gather Feedback

                -From the data conducted, we need to gather every feedback in order to pinpoint the strengths and weaknesses of the entrepreneur's startup idea.
        5.) Fix the Mistakes

                -Based on the feedback gathered, we need try again, and make changes in order to better meet the needs of the target customer.
        6.) Analyze the Results

                -With the results of the refined idea, we need to make analysis and decide whether the idea is viable or not, and whether it might need further refinement or not

CONCLUSION

    In conclusion, validation is important because it helps technopreneurs make decisions based on the what they understood from data gethering in order to determine the validity of their startup idea whether it is feasible in the marketplace. From what I learned, HeartSeekers, despite the turn of events due to bias, may potentially remain bias in the longer run of the startup, so validation will come in handy to ensure that bias is reduced less to none, and to increase success of the startup and attract investors