A simple checklist for validating my starup ideas.
Define the problem statement with as few words as possible. It is okay if it is not pinpoint accurate. You can also jot down problems as bullets before defining them in a statement
Define how you are thinking about the solution. Again it might not be perfectly laid out right away, but important to lay it down
Define why is this solution needed or why the problem needs to be solved. Use this space to also detail out the following
- What is the opportunity size(TAM- Total addressable market)?
- Why does the target market/user/group needs the solution?
- What is your target market/group/users using right now for this problem?
- What is lacking in those solutions?
- What are the unique value props of your solution?
- How is it better than the existing alternatives?
- What is the quickest, cheapest and fastest way to test the value prop?
- How will you define whether the MVP worked or not? What are the success and failure metrics?
Milestones and Timelines
- Build the milestones(for example user research, launch the landing page etc) and fix timelines along with metrics of completion
- Fix the ownership and accountability