Stop Experimenting, Start Building
When you have a new idea, you have to prove it’s feasible by constructing well thought-out experiments. You already know this, but testing a business idea is not the same as building a business. Inevitably, there comes a time when you need to either start building the business or nix the idea entirely. It’s easy to convince yourself that you need to do a few more tests before committing. Like it or not, you’re running out of runway and you need to take action one way or the other. Don’t let analysis cause paralysis.
How do you know when to take a stand and really commit? First, you have to be confident that you thoroughly understand the customers’ problem. You pass this test when you can predict specifically what customers will say or how they’ll react. Second, you must have an effective solution. Do customers agree that you solve their problems? There are a number of ways to gauge this, but cold hard cash speaks the loudest.
You will never be 100 percent certain of anything in a startup. The key is to balance action with experimentation in a way that keeps your business moving forward.
Hint: If you’ve been at this a while and you’re still not sure, you probably don’t have a feasible business idea. It should be obvious.
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