{"id":1912,"date":"2020-11-02T11:08:54","date_gmt":"2020-11-02T05:38:54","guid":{"rendered":"https:\/\/www.crayond.com\/blog\/?p=1912"},"modified":"2023-02-06T16:52:13","modified_gmt":"2023-02-06T11:22:13","slug":"how-to-evaluate-your-product-idea","status":"publish","type":"post","link":"https:\/\/www.crayond.com\/blog\/how-to-evaluate-your-product-idea\/","title":{"rendered":"How to Evaluate your Product Idea?"},"content":{"rendered":"\n

The entrepreneurial playing field can seem complex from the outside.
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But the more you immerse yourself in it, you would understand that the product idea is basically half the battle.
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Why is that so?
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Sure, we all have ideas. But to have the ones that actually are viable and can turn enterprises profitable are quite rare.
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And usually take a lot of time to emerge.
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As an aspiring entrepreneur yourself, you might have a product idea of your own.
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How you do you know if your product idea is worth being pursued?
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Well, that is why we bring this blog to show you exactly how you can figure this out. 
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Let\u2019s begin. 
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Why should you evaluate your product idea?<\/h2>\n\n\n\n

Aspiring entrepreneurs have a lot of virtues. Determination, passion, resilience, people\u2019s skills \u2060\u2014 they are an amalgamation of the right skills that allow them to make things happen.
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These virtues are however just the springboard for whatever they wanna pursue and build. These do not guarantee success on their own.
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An entrepreneur can be good at the what and how of doing things. But if the product idea itself is not something that can make a buck, then no amount of effort can change that fact.
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It is better to know beforehand if working on such a huge undertaking makes sense. 
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Also, being virtuous or skilled does not automatically guarantee that your ideas themselves are anything out of the ordinary.
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Self-confirmation aside, evaluating a product idea (and possibly successfully validating it) can help you attract capital and talent much easily.
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This could happen in so many ways \u2060\u2014 word-of-mouth, where people just hype around the potentials of your product or an online award and mention from g2. 
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In any case, there is nothing to lose and a lot to gain from evaluating your product idea.
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Now, let\u2019s get on with the how-to.
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Evaluating your product idea<\/h2>\n\n\n\n

Identify the assumptions you have around your product idea<\/h3>\n\n\n\n

If you are a human, then you have a confirmation bias<\/a> around your values or skills. There is no escaping this. 
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This is not generally bad for projects that are pursued individually.
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As it often happens at startups, to increase the feasibility of the product\u2019s success and enhance the company culture, like-minded people are hired to get the work done.
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Similar people, similar confirmation biases.
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The compounding effect can be so huge that talented teams can sometimes fail to make a standout product. 
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Or have a startup go off its rails, like WeWork<\/a>.
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Product ideas generally come along with three types of assumptions.<\/p>\n\n\n\n

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<\/td>		Wrong (Quibi)<\/td>Right (Dropbox)<\/td><\/tr>
Problem Assumption<\/td>People want content that is exclusively made for smartphones<\/td>People want to be able to transfer files with ease<\/td><\/tr>
Solution Assumption<\/td>Create short-form content that will be movie-quality<\/td>Create a platform that can handle and store every file<\/td><\/tr>
Implementation Assumption<\/td>Being able to produce enough content to attract a huge amount of early-adopters<\/td>Being able to sync files across multiple devices <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Of course, other than these two assumptions, there are the market and the product\u2019s uniqueness assumptions.
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The market that Quibi was trying to capture, to provide content for people who primarily entertain themselves on their smartphones was never unfulfilled, to begin with. 
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Instagram & other social media, YouTube, and Netflix & other streaming platforms provide enough entertainment to smartphone users.
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Especially YouTube, which has been at the forefront of on-the-go content and has billions of hours of content in every language.
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And is free.
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If Quibi had appeared on the market a decade ago, then things might have turned out to be different. 
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Like Dropbox, a pioneer of personal cloud storage.
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To test your assumptions, you will have to:<\/p>\n\n\n\n