5. Business Model Validation

Business Model Validation is the process of testing and confirming that a startup's idea can be successful in the real world. This involves gathering feedback from potential customers, assessing the market demand, and refining the product or service to meet those needs. Entrepreneurs use various techniques, like surveys, prototypes, or early sales, to validate their assumptions about how their business will operate and make money. Ultimately, this step helps ensure that the startup's business model is viable and scalable before investing significant time and resources.