If you have an idea that you think would make a great business, I’m here to help you get started!

30-DAY CHALLENGE

Testing Business Ideas

According to Professor Clayton Christensen, “There are over 30,000 new products introduced every year, and 95% fail.” Professor Inez Blackburn of the University of Toronto stated, “The failure rate of new grocery store products is 70 to 80 percent.”[1] To avoid being a statistic, you need to test your business idea. In my 30-Day Day Challenge, Testing Business Ideas, I’ll guide you through a process to help you determine if your idea will work.

What we’ll cover:

• Extracting the hypothesis: What needs to be true for your idea to work?
• Developing experiments to test whether the hypothesis or idea is true
• Collecting evidence by talking to potential customers
• Evaluating data to determine if there is interest in your idea

WARNING!

This challenge can be particularly challenging and is for action takers, not procrastinators. We will be moving quickly; therefore, you will have to be organized and focused on completing your daily assignments to create successful strategies that will help you avoid pitfalls and failure when launching your business.

This challenge is based on the following philosophy:

“To be successful, you must be prepared. Testing clears the path for that success.”[2]

Delivery:

Each week, I will serve as your guide, giving you a series of daily tasks that will lead you through the steps of examining and defining your new business. We will communicate throughout the week via email and have a weekly in-person strategy session at the end of each week to review your results. This challenge may take more than 30 days, but when completed, you will have a business model that will work.

How much time do you need to devote to this challenge?

Although it is a 30-day challenge, I understand you may have time constraints. 1-2 hours per day, 5-6 days per week over the next 30 days. You can proceed at your own pace as long as you are consistent and progressive. It will require lots of work on your part.

Do you want to avoid failure, spending unnecessary amounts of money, and begin on the right foot? Let’s test your idea, and let’s do it NOW!

[1] https://www.inc.com/marc-emmer/95-percent-of-new-products-fail-here-are-6-steps-to-make-sure-yours dont.html#:~:text=According%20to%20Harvard%20Business%20School,year%2C%20and%2095%20percent%20fail.

[2] NFCannon, June 11, 2022