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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? Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups. Seed Pantry! Gardening for all thanks to this fab startup that is on a mission to get everyone growing more food and flowers Win 1 of 10 free general admission tickets to attend Digital DNA Belfast, care of upSTART 2018 Major Sponsor, Seedrs, Europe’s leading equity crowdfunding platform. WIN ONE of TWO FREE startup pod spaces in the startup zone at Digital DNA for FREE. Mothive - The innovative startup that's helping high value fruit and veg farmers reduce waste, maximise yield and optimise labour costs Starting with approx 25 disruptive startups and culminating with 1 eventual winner, the upSTART '18 pitching startups at Digital DNA 2018 in Belfast are... When starting your own business there are many legal pitfalls startups can fall into. Here's a few common reasons why you could end up in legal hot water. Real estate and proptech focused startups sort for new real estate accelerator programme, RELab, a 12-week accelerator programme, launched by Leading Real Estate Tech investment firm, Goldacre. What are some ways you can juggle owning a business with raising your kids? Here's some handy tips care of the founder of parenting blog Mom Loves Best. Social Prescription software platform Elemental Software have been shortlisted for the UKBAA Awards in the Best Female Led Angel Investment Category.
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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- Hardware Accelerator CRL Open to Applications 16th Jun 2018 Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups.
- Goldacre RElab accelerator programme seeks real estate focused startups 8th Jun 2018 Real estate and proptech focused startups sort for new real estate accelerator programme, RELab, a 12-week accelerator programme, launched by Leading Real Estate Tech investment firm, Goldacre.
- NACUE Varsity Pitch 2018 opens for applications 6th Jun 2018 Fancy winning £10,000, a national title and more networking than you can shake a stick at? Then the NACUE Varsity Pitch Competition 2018 is for you!
- The Startup Leadership Program invites applicants for 8th London cohort 5th Jun 2018 Now with a global network of 3,000 entrepreneurs, the Startup Leadership Program continues to grow, inviting applications for its 8th London cohort.
