This work offers a summary of the book “IF YOU BUILD IT WILL THEY COME? Three Steps to Test and Validate Any Market Opportunity” by Rob Adams.
Successful entrepreneurs don’t just plunge in without doing their research: before investing money they prove that a market exists, and that the market is commercially viable. Rob Adams demonstrates that though this process is crucial, it need not be too difficult or time-consuming. A robust market validation process takes about 60-days and involves three steps: figure out whether or not your idea is worth pursuing by objectively evaluating your idea and the size of the potential market (2-3 days); reach out to your market and systematically gather data from multiple sources on what your future customers think of your idea (50 days); follow through and blast into the market by using the data you’ve gathered to launch, market and sell your product the smart way (7-8 days).
He takes the reader through specific steps in the process, and the questions an entrepreneur should ask. For example, what do the experts say on your prospective market? Is the business idea aligned with current trends? What are competitors already doing? In short, this book is a blueprint for savvy, commonsense investment. Don’t risk your money without reading it.