Validate Your Assumptions
Here’s a common mistake inexperienced (and sometimes even experienced) entrepreneurs make: When asked about their business model, they give a lengthy explanation how companies will clamor to pay for advertising in their app, sponsor their user’s social activity or cut them into their sales which will be driven through their user’s interactions.
Thing is — what they think is a well thought-through business model is just that: Thought-through but not real.
Unless you have validated your assumptions by actually talking to your customers and get clear commitments from them — you don’t have a business model. So — get out there and talk to people. Sell your product, see how the market reacts, listen, gather feedback, refine your pitch and get people to commit.
There is nothing which validates your product or service more than paying customers.