Entrepreneurial Skills Series | Validation (S1/2021)
With the goal of developing an entrepreneurial mindset among Monash University Malaysia students, the Entrepreneurial Skills Series was recently launched on 28 April 2021. For its second module on validation, participants gained a basic understanding of the need, the significance and the fundamentals of undertaking validation in entrepreneurship.
Facilitating the session, eiHub’s Director, Dr Daniel Loy, introduced participants to a myriad of key components and steps to consider to validate an idea. He further explained that the next crucial step after the generation of an idea was to test the idea for its desirability, feasibility and viability.
Participants were prodded to consider the goal of validation, which was essentially to evaluate and link ideas into workable solutions that would result in products or services that address a problem in a way that the market values.
In addition, Dr Daniel Loy also emphasised on the importance to acknowledge, identify and manage inherent biases when processing information or analysing a situation to ensure validation results that are impartial and objective.