Ever heard of Venture Viability Research?
Recently, I was in a class where the above topic was discussed. For easy and assured understanding, the facilitator decompose the whole topic to it’s components – “Venture”, ” Viability” and “Research” and asked the class to define each component. As expected, a lot of self-made definitions flew around and the whole class had a good laugh at some. However, everyone in the class learned the actual meaning of the concepts and become better. Now to you, what’s “Venture Viability Research”? I promise not to laugh at your self-made definitions 😉.
Personally, I think Venture Viability Research is making an in-depth and iterative investigation into the profitability, affordability and sustainability of a business idea. For a venture to survive, it has to be able to generate returns in excess of its costs and expenditure. However, a business can be profitable, but not affordable and sustainable in terms of how people react to its pricing and its propensity to outlive it’s founder.
One of the hacks to getting the 3 key elements right is doing your Viability Research. A viability research will let you know the likely market acceptance of your venture, the actual market opportunity, size and competitive edge of competitors, test your business model and strategy and avoid money costing mistakes in the long run.
To be able to carry out a viability research, you need the right data as it relates to your business and competitors. Getting the right data will make you make informed decisions about your venture. One of the problems with getting data is lack of credible sources to get it from, knowing the right data you need for your business, knowing the right source to get the data, outsourcing the data research and analysis to someone who may not have a holistic idea of your business, using the wrong and old tools for your data analysis and interpreting your analysis results wrongly.
Solving the above listed data problems to ensure your venture is viable isn’t a rocket science, you can take advantage of the second edition of the @AfricaEvolve Incubator. Another offering of this program is that you will be exposed to how tech can be incorporated into your venture to make it more viable and get the opportunity to attract funding at the end of the intensive program.
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