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? Women in tech platforms with a key focus on providing empowerment, inspiration & support to female entrepreneurs, innovators & tech workers. The FinTech startup that is “on a mission to transform credit control” for small businesses everywhere... Collaborative workspace & community providers, WeWork, are committing over $20m to empower creators from around the world through a new platform called the Creator Awards. Augmented Reality is all about to further change thanks to Apple's latest technology... The startup that's on a mission to make contact lenses more affordable than ever... Future tech trends that could impact the travel industry going forward. This article aims to clarify some of the facts around the EU General Data Protection Regulation & how it impacts you as a founder of a startup. The digital EdTech platform which “connects experts and learners around the world for live, interactive video lessons”. Start Up Loans Company have produced an interactive timeline highlighting some key turning points over the past 100 years that have shaped some of the big businesses we know today. Leading online market research company Marketest, share some invaluable thoughts on why market research is an essential part of the business startup process.
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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