You may have heard this term used before from other entrepreneurs, or business advisors, but what does it truly mean?
Is the problem you are solving for a problem for anyone other than you? Is the problem your idea is addressing, one that people are willing to spend money to solve? Are they willing to take money they are already spending on a version of that product, stop spending it there and to give it to you?
There are a lot of interesting ideas that are not sellable products. Let me repeat. There are a lot of interesting ideas that are not SELLABLE products. Therefore, keeping it as a great idea, but not making it a business. Even when entering a proven market, your concept within it needs to be proven. You need understand the size of the market, the opportunity within that market based on competitors, and if your idea is one people are willing to spend money on. Then start getting the product to as many people as you possible can, and gain feedback.
Proof of Concept – Is your idea validated by real consumers?