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Though small and medium businesses contribute to the economy at large, entrepreneurs need to be aware of the fact that it takes more than just a great idea for a business to be successful. Lack of validation of a business idea is the single big reason why most of these businesses fail. If the common reasons for business failure are identified and addressed before investing money, time and effort, rate of failure can be decreased. The validation of a business idea is needed in order to translate the blurred dream of a great business idea into a clear vision.
The main objective of this platform will be to help entrepreneurs avoid common pitfalls such as lack of market awareness, lack of clarity, failure in understanding target customers and customer needs, among others. This platform will also help the entrepreneur to gauge the probable euphemistic future. This can be achieved by forcing entrepreneurs to answer specific questions on their ideas, which need to be converted into a viable business model through marketing. The research and information uncovered during this process will support the business planning stage and reduce research time. This process of self-validation will also help in demystifying various components that go into business building. Once the idea is readiness on this platform, then the entrepreneur can work with the mentors to further refine his/her ideas.
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