The Role of Money in The Validation of Your Idea.

This article is written by Nardine B. M’barek, a Contributor Author at Startup Turkey.

Bill Kenney is a serial entrepreneur and the founder of two ventures. Test My Pitch is a social community of entrepreneurs and business people who share, create, and offer feedback on each other’s pitches and self-introductions. His second business is MEET, it helps high-growth companies enter new markets and scale quickly through trade shows.

Mr. Kenney was a guest of ours during Startup Istanbul 2018, he delivered a speech that served as an orientation for the startups who joined our events when it comes to certain things such as how to profit fully from events like Startup Istanbul, and know how to benefit from the people and entrepreneurs who are guests of the event by building different relationships and adding them to your network.

One of the topics that Mr. Kenney dealt with during his orientation speech was what he liked to call ‘bread’. He stated that in the USA;  the word ‘bread’ has many meanings; the first is -of course- the food we eat, but, it could also mean money, so you talk about bread in terms of what you earn and how much revenue you are making.

What companies do nowadays is that when they have an idea, they might look to get feedback or a survey in order to validate that idea. Then end up creating a small sample product and take it to markets. People tend to spend so much time and effort on their product and its development instead of spending time with their customers and potential clients, which is rather dangerous.

Spending lots and lots of time on your idea and product before getting to know the market that you will be targeting or the kind of customers that you might have is really dangerous and could quickly harm your business and your product before you try selling it.

The challenge here is that when you are doing a survey to find out if your idea is actually going to work, find out which customer survey will be the best one to show you that what they are telling you is something positive, that guarantees the fact that your product will sell successfully when you put it in the market?

The only possible way to know if your idea will turn up to be successful or not is when they give you ‘bread’, when they are ready to pay for what you are offering and actually do it, then you can be sure that people will, later on, buy what you are offering. If you are going to ask them some questions such as ‘do you like my idea?’ or ‘What do you think of this product?’ no one will really give you a true opinion that would be considered reliable and credible enough. Money is the only answer in this case; money is the only way that your customers could use to prove to you that your product is worth their attention.

https://youtu.be/WD4NtDaLspo