Make Sure Your Business Idea Has A Fighting Chance
by Startacus Admin
Some great pointers from Joseph Benn on how to avoid the Dragons-Den-like humiliation when your idea is broken down (and into pieces). Startacus will be using some of these tips for sure...
Dragons Den....The entrepreneurs presentation is going really well.
All of a sudden the Dragons ask a question the entrepreneur has not thought about (or more often than not wilfully ignored). Cue music change and quick commentary from Evan Davis and we all snuggle in to watch another person get ripped apart in the Den. This humiliation could easily have been avoided if the entrepreneur had put a little more thought into their idea.
You may have no intention on going into the Den but if you have a business idea then you’ll want to be as sure as possible that’s its viable in reality. The truth is that you will never know whether your idea will truly be successful until you’ve set it up and run it for a period of time. However there are some things will indicate whether your idea has a fighting chance. I have helped young people set up businesses for over seven years and based on that experience I formulated questions that should be answered. Some of these questions are as follows:
You (always start off with you because you’re the one that’s going to make your idea happen)
Does this idea go against any of your values?
Do you have the time to make this idea happen?
Do you have the knowledge/skills/contacts to make this idea happen?
Do you have the money to make this idea happen?
Is your partner/spouse/family behind you?
Market (It amazes me how many people fall in love with their idea and decide to go ahead without checking whether other people will love their idea as much as them)
Is there a market for your product/service? Lancaster University has signed a partnership with VC firm, Campus Capital, to bring investment to the region & further strengthen Lancashire’s startup ecosystem. We are liking the sound of The Workary - co-working spaces in public libraries, transforming under-utilised space into affordable work & life space. Irish Early-Stage Investment Firm Lucey Fund are hosting an AMA session on October 31st in Belfast. Innovate UK, share some handy tips with Startacus on exploring the power and potential of partnerships for your business... The comparison website finding you the best cyber security solution for your business... The lowdown on the latest transport innovation to hit the streets of London... Verv is on a mission to reduce the environmental impact of energy and make homes smarter and more efficient. Here are 5 reasons why offline marketing is a powerful marketing method that should not be overlooked. Anna Tsyupko, CEO of FinTech company Paybase, shares some thoughts, from her own experience, on how a hackathon can help your startup. The London-based startup looking to solve the irritating issue of receipts (and loyalty cards to boot).
Can you reach that market?
Is that market big enough?
Who is your competition?
How are you different from them?
Is there room for you in this market? If not can you make room?
Will this market buy your idea more than once?
What will the market be like 5 years from now? – never look at the market of today always look at tomorrows market as this is most likely the one you will be entering.
Continued on page 2...
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Sanctus launches 'The Mental Health Pledge' for employers on #WorldMentalHealthDay 6th Oct 2017 Sanctus' Mental Health Pledge outlines a practical framework for businesses to support mental health in the workplace.
- 5 startups will be exhibiting at Web Summit 2017 free of cost, courtesy of the Startup League 3rd Oct 2017 The Startup League and Web Summit join forces to support startups at this year's event...
- Careers marketplace Jobbio raises additional $10m in Series A 1st Oct 2017 Jobbio Raises an additional $10m in Series A to Accelerate Growth in the UK & North American and Canadian markets.
- The Environment Now returns with new £10k funding round 30th Sep 2017 Good news for young entrepreneurs in the UK with digital ideas providing environmental solutions - a new funding round via The Environment Now is open.
