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? Bring! is a digital grocery tool that simplifies grocery shopping for you and anyone you are shopping for. In a bid to help brands during the current pandemic, the GreenJinn grocery app makes some rapid changes to its service Coronavirus & furloughing employees. Nichola Hailes of Payfit looks to answer some of the most frequently asked questions about the job retention scheme. For startups entering the food industry, here's why accurate labelling on ready-to-eat food products is important. Whether you’re looking to create a frugal startup, or it’s already up and running, here are 4 tips to reduce costs while keeping the work environment pleasant. The Belfast-based startup that provides a fully managed 24/7 Software-as-a-Service (SaaS) for securely storing and sharing assets, packages and containers. The insolvency technology startup secures funding to help support the UK's most vulnerable consumers to avoid bankruptcy Darren Hockley, MD of Delta International on how millennials may be helping businesses face the current COVID-19 pandemic The innovative startup that's enabling businesses to connect with their customers via personalised handwritten communication The lowdown on the Estonian startup that has created a multiplayer game to help kids practice math facts in a fun way...
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.
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