There is a lot of hype around how the success of a business is dependent on the validity of the idea, and as a result, a lot of founders cherish that AHA moment. What we mostly refer to as the AHA moment is the exact time the entrepreneur realizes that he could make a business out of this idea.
Guess the first thing most people do when they have a business idea?
They rush online to check if such a business exists, or if someone else has done it already. Nine out of ten times, they will discover that the idea has already been done by someone else. Sometimes, it appears as though all the problems have been solved already. Like there is nothing to be done anymore. It always seems like someone else has done what we want to do, and sometimes, those people have already failed at the same business idea you are just conceptualizing.
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Let me state first before going on, that every business idea is valid. Someone else might be solving the same problem, but if you probe further, you could find a segment of the audience that is underserved. You could find a better way to do the same thing. You could find a faster way too, or even a cheaper way.
There is room for competition if you know what you are doing.
But! No matter how valid the idea is, there are points you want to consider.
Does your market need the solution you are bringing?
You could have an idea that is solving a real problem, but no one wants it. It may be too complex for the market to understand. It may be too advanced, or maybe too expensive. To tick the first box on your idea, you want to confirm that the market needs the solution and will be willing to pay for it.
What about the other factors the come into play?
Some ideas are right and the market could need them. But is the timing right? Are all the factors in place? For instance, a lot of internet-based business ideas that are thriving now would have died off if the founders implement them in the 1990s. The internet broadband penetration at that time was still very low, even for very developed countries. That means an online streaming platform that would have withered off, but now, there is room for several of such businesses to thrive because the needed technology is in place. You need the right factors and technology in place.
Can I find out from the market what an ideal solution would be?
Sometimes, the idea that triggered your AHA moment might not trigger an AHA from your customer. Yes, your customer might not be impressed by your almighty novel idea. Often, you could find that your customer has a clearer picture of what he would like the solution to look like. This is often the rationale behind a market survey. The problem you want to solve is right in front of you, but if you do not ask the customer the right questions, you may not find out the best way to solve it.
Does your customer believe you can deliver on your crazy idea?
One last thing to know. While convincing yourself that you can create that solution, you also need your customer to believe that you can deliver on it.