Understanding: Market Validation
How do you know if your venture will gain traction? You probably never know for sure, but there’s a very effective exercise well worth doing before committing the time and resources needed to dive into a start-up: use the Business Model Canvas.
Earlier this year, I took an online course through New Ventures BC called Market Validation. Using the Business Model Canvas concept developed in the late 2000’s by Alexander Osterwalder, this process is not dissimilar to a Business Planning course I took 25+ years ago, but uses a more targetted, iterative and holistic approach, forcing one to look at all angles of your proposed venture and determine if the concept and the numbers work. It’s a discipline worth adopting and something I will carry forward when approaching projects, strategy and research.
I set a goal to learn, build and grow in 2018 and understanding how to validate your market was a valuable new skill for me. I wish for other to do the same: stretch, grow, learn and approach ideas in a new way.