How Entrepreneurs Beta Test a Business Idea, Proving You Found the Next UberFind Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 3

How Entrepreneurs Beta Test a Business Idea, Proving You Found the Next Uber

Find Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 3

After you have your business idea and your sales pitch in place, the next step for an entrepreneur is to understand how to beta test his/her business idea. Before you can build a billion or trillion dollar empire, you might want to start with one sale.

Beta testing is a round of testing releasing your business to a wide audience. The objective is to uncover problems and issues in a controlled setting. This term beta testing is typically used in SAAS, Software as a Service, companies, but it can be applied to any business startup.

Start talking to people as soon as possible. Friends, family, and coworkers are a great starting point. What do they like? What do they not like? Personally, I have found the best way to beta test an idea is to go out there and actually try to sell it. The best way to see if there is a market for your business is to see if strangers will pay you for it. I recommend you do this under very controlled conditions in order to minimize exposing the potential problems of your business to a limited number of people.

If you cannot sell it, you need to expand your beta test or consider pivoting. You will save a lot of time, energy, and aggravations if you can discover this as early as possible. That is why I do this early and often.

What do you do if people do buy your product or service? Congratulations, this is a good thing! It means you are on to something. Try to fulfill the order. Do not worry about making money yet. Work on fulfilling the order. Profitability comes with growth and economies of scale.

You may be thinking, “I can’t fulfill the order, I am working on an app.” I would argue almost any business beta test their concept, even SAAS companies before their software is fully developed. For example, take Uber before their app was developed. You can place ads and hire a bunch of Uber drivers to drive people from place-to-place in their cars. You can also solicit customers that need rides through ads, networking, cold calls. Is this efficient? No. Will this be profitable? Probably not. Will this give you an idea of demand and identify some future problems? Definitely!

There is no downside when an entrepreneur beta tests their business idea. If you find out that nobody wants what you are selling, than you can pivot into something better. You also save a lot of time, energy, and aggravation down the road.

If you succeed, then you can leverage your beta test into moving forward with confidence. You also have data validating your business to potential investors.

Are you looking for investors? Send us your information, Funding@OmegaAccelerator.com

Would you like to invest in early-stage businesses? Contact us, info@omegaaccelerator.com

Disclaimer: This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. We are not offering legal, investment, tax, or medical advice.

Cutting Healthcare Spending - Big Data, Hospital Costs, and Outcomes

According to the federal Agency for Healthcare Research and Quality (AHRQ), inpatient hospital costs account for nearly 30% of healthcare spending in the United States and are increasing by about 2% per year over inflation. This cost issue is a focus of the Affordable Care Act, which is accelerating the move away from fee-for-service to a single, diagnosis-related comprehensive payment, similar to Medicare reimbursement. Such payment systems punish unnecessary testing, prolonged hospitalization, and readmissions.

Is Medical Science Dead? - Art, Science, and Quackery

On April 8, 1966, Time Magazine caused a national commotion when the issue’s cover was emblazoned with the question, “Is God Dead?” The Time article was a measured consideration of how society was adapting to the diminishing role of religion in an age of stunning scientific advances. The writer posited that people would no longer believe things out of received doctrine, but faith would steadily succumb to the scientific method as mankind unraveled the truths of the physical world at the expense of the myths of the metaphysical.

IMPACT OF ICD-10 - Increases Billing Accuracy, Headache for MDs and Patients

I strongly suggest that a pledge to read a synopsis of the philosophy of the 13th century Franciscan William of Ockham on a weekly basis be inserted in the oath of office taken by every government employee. Clearly highlighted should be his nominalist doctrine, Ockham’s razor, which avows that the best solution to a problem is usually the simplest. Pare to a minimum the number of confounding variables.

Supplement Makers: The Teflon Industry - All-Natural Health Evades FDA Regulations, Invades Consumers Wallets

Supplement Makers: The Teflon Industry - All-Natural Health Evades FDA Regulations, Invades Consumers’ Wallets

How do we treat pain? - Unrealistic Goals Leading to Opioid Addiction

In the weekend review from ACEP, two articles caught my attention. The first one was on new guidelines from the American Society of Addictive Medicine on the use of prescription medication to treat opioid addiction. These guidelines were created soon after the Centers for Disease Control and Prevention (CDCP) declared opioid use and resultant death as an epidemic. The second article refers to a study showing that pain is underdiagnosed and undertreated in the ED. This is the challenging dichotomy we live and work in.

Is Invasive Surgery the Best Treatment for DCIS? The Controversy Continues...

About 25 years ago, my sister called to discuss her health issue with me. Her mammogram had shown an abnormality that was biopsied and diagnosed as ductal carcinoma in situ (DCIS) and her surgical oncologist recommended a bilateral subcutaneous mastectomy with subsequent staged breast reconstruction.

Personalized Genetic Medicine: Hype or Hope?

The fast-growing arena of personalized genetic medicine provides an intoxicating brew of hype and hope. The technology will purportedly provide revolutionary benefits in medical care.

Drowning in the Fountain of Youth - Genetic Predisposition

Recently I read in a New York Times magazine article that the 130th richest man in the United States wants to match his age with his Forbes magazine wealth ranking. His riches have not bought him a unique, scientifically-formulated elixir for immortality; nor is he a wacky proponent of perpetual hyperbaric oxygen chambers or cryogenics.

Yelp May Not Help

Concomitant with the metamorphosis of the practice of medicine into the business of healthcare delivery, patients have been transformed into customers. Healthcare providers compete not only on the basis of outcomes, best practices, centers of excellence, advanced technology and cost, but also on customer service

Cyber Liability - Protecting Against Security Breaches in Medical Practices

Now that physicians are learning to work with the new provisions of the Accountable Care Act, many are taking the time to look at some of the issues that have arisen, specifically regarding cyber insurance and risk management.

Find and Replace: Genetic Engineering in Science and Medicine

Shakespeare’s Hamlet proclaimed, “What a piece of work is a man,” but now, almost half a millennium later, this could be amended to what a set of sequences is man. The nobility, reason, infinite faculty and admirable form can be attributed to the 20,000 or so genes that contain the chemical code for specific protein formation

MICHIGAN PHYSICIANS SOCIETY Presents The 2015 Southeastern Michigan Real Estate Update for Physicians

The Michigan Physicians Society is offering physicians a free networking and real estate seminar, 6 pm to 7:30 pm, Thursday, November 12, 2015 at Fleming's Steakhouse, Birmingham, MI. The event will offer physicians an opportunity to learn about buying, selling, building and investing in real estate in Southeastern Michigan.

HIPAA Protects Millions with Unintended Consequences

The Health Insurance Portability and Accountability Act (HIPAA) was endorsed by Congress in 1996 and was the last significant legislative legacy of Senator Ted Kennedy. It is enforced by the Office for Civil Rights and mandates nationally recognized regulations for use and/or disclosure of an individual's health information by a “covered entity”. Such an entity is a health plan, healthcare clearinghouse or healthcare provider.

Studies Prove Communication and Teambuilding Training a MUST for Surgical And Hospital Staff

Although individual judgment and technical dexterity are obviously important, best surgical outcomes, particularly for complex procedures, reflect the performance of many medical providers before, during and after an operation. Professionalism and a competitive business environment both stimulate medical centers to continuously focus on quality assurance programs, and to improve patient safety.

Adversarial Medical Malpractice Suits Counterproductive to Healthcare Interests

Why do Americans pay so much for healthcare? Ask a lawyer and a common answer is greedy practitioners. Ask a physician, and the scapegoat is the plaintiffs’ bar with usurious malpractice premiums and unscrupulous attorneys. Unfortunately, this antipathy does nothing to address the real issues

Death Rates Plunge Due to Following Protocols, Not New Technology

We are regaled in the lay press about new medical breakthroughs a novel cholesterol-lowering drug mimics the effects of a genetic mutation and improves lipid profiles when conventional treatment is ineffective; new cancer therapies are tailored medications designed to specifically attack tumor cells without the nonspecific toxicity of conventional chemotherapy; hepatitis C can be cured by short-term oral agents, not prolonged courses of parenteral infusions; mitral valves can be repaired percutaneously without the potential risks of extracorporeal circulation.

Michigan Physicians Society Employment Opportunity - Territory Account Manager

The Michigan Physicians Society (MPS) supports excellence in healthcare by supporting physicians. Our team of physicians, entrepreneurs, and business professionals help physicians earn more, spend less, protect what they have, and navigate regulations.

How to Grow Your Medical Practice Online

Here at Michigan Physicians Society, we’re dedicated to the financial betterment of physicians by providing continuing education and technology, along with an extensive network of other like-minded professionals in our space....

Is The US Suffering from an Over-Abundance of Specialization?

There is another skewing of physician allocation with similar serious implications, particularly in the current maelstrom threatening the financial sustainability of our healthcare delivery.

US Healthcare Still Seeks the Right Balance of Private/Public Funding

In 2012, the United States spent 17.7% of its almost 17 trillion dollar economy on healthcare. Rounding out the top 20 largest budgets, the remaining nations spent 8.9-11.6% of GDP on medical care. Do Americans live 33-50% longer and better to validate this increased cost?

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