National Brokers Network

Tips in Validating a Sound Business Idea

Most entrepreneurs have minds that are always brimming with ideas. Whether it’s for answering questions, coming up with proposals, or thinking about a new venture – entrepreneurs can come up with a collection of ideas for it.

The question then becomes: which ideas should be followed and which ones should be stored for later?

Answering these questions can help validate ideas and answer the Yay or Nay question.

Does the idea answer a need or a want?

If the idea was born out of a problem or issue you would like to address, think about whether your idea will answer a need or a want. A good idea is one that answers both a need and a want in the market. Otherwise, consider who your target market will be and whether they will actually take interest and buy your idea or not.

How is your idea different from others?

Think about how your idea competes with others like it in the market. Do you have any known competitors? What makes your idea stand out from the rest? But if it stands out too much and comes unprecedented, why? It could be that you are treading on unchartered territory or that others have tried it before and failed. Consider the answer to these questions and do your research to determine the true viability of your idea.

What do others think about it?

Ask for feedback (but make sure to get it from trustworthy people – prepare confidentiality agreements to protect your idea) and test it out before making any commitments or investments. Approach trusted advisors, consultants, and even family and friends who can provide honest feedback and offer realistic suggestions on how to make the idea better or more marketable.

Having a great idea is not enough to take huge risks. The more research you do into your idea, the more confident you will be that you are moving in the right direction. Don’t be impulsive at this stage because your patience will surely pay off and you’ll be rewarded come development stage.

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Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

Client Signature (Sign on the box below)