The key to understanding what to work on > validating

I’ve wasted so much time the first time starting a business. I overdeveloped, spend way too much time thinking about every detail. Also spending way too much money. Pitch and business plan iteration after iteration. Now I finally have a different solution that just seems to work so much better. If you start a business. You’ve probably heard the word “Validation” a lot. And me too. But I just had no idea when to validate. Do I need a fully functional product or do I just tell people my idea? Do I collect feedback and instantly incorporate it before approaching the next person or do I wait untill I have more data? Now I set 1 golden rule: “Come up with assumptions that validate your idea and do nothing else but finding evidence that your assumptions are correct.” The only focus should be to validate your own assumptions. As quickly and efficiently as possible. Example: Idea: I want to start a brand that sells shoelaces in cool artistic style. With the right influencers I can make it trendy and hyped. Assumptions: 1. People like customized shoes. So they will probably like special laces. 2. People would pay a premium for “hyped up” clothing items that feel/look premium/sustainable. 3. Influencers would love to collaborate on this idea if I send them free products. THEN THE ONLY THING I DO IS SEEK VALIDATION FOR THESE 3 QUESTIONS. I talk to some people who I think would like this product. I ask what they would pay for laces. And I start DM’ing influencers acting like the product already exists. Only if all my assumptions are correct. Will I continue my usual program of deck building, product research and more. I wish I did it like this ages ago. If you are in the middle of your startup and it’s not really going as expected. Backtrack and try this. And if your assumptions are not being validated easily enough. It’s not worth pursuing.