<aside> 💡 Learn how to validate or test your business idea before you spend the resources to start a business.
Table Of Contents:
1. Business Validation
2. Business Plan
6. Business Entities in Michigan
7. Insurance And Contracts
Validation is the process of testing your business idea by asking and answering questions to see if it will work out. Specifically, you are trying to see whether or not people will pay money for your product or services, which will cover your costs and help you create a profit.
Odds are, you’ve come up with a lot of business ideas over the years - and you’re not the only one with those ideas. It’s very likely that someone has generated an idea very similar to yours. They may even already be working on it.
While Mark Twain was probably wrong when he said there are "no new ideas", he sure was onto something.
00:30 - Why you need an Legal Entity
01:40 - What is a Legal Entity
02:10 - You Options
02:50 - How to Choose
03:40 - Your Next Steps
As an entrepreneur, it is your duty to not only sort through all of your ideas and to pick the best one; you also need to choose one which idea the community around you demands, and is willing to support.
Here Are Some Reasons To Validate Your Idea:
**“**Validation is absolutely worth the cost. It is a mission critical activity.— Ted Dacko
So the question becomes, how do you pick which idea (and which version of that idea) is worth investing resources in? The answer to that question is validation.