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? Robots and jobs - this new website reveals the scary truth... Now in its 5th year, the NatWest Great British Entrepreneur Awards acknowledges is open for applications for its 2017 programme. Applications close on June 30th to apply to be highlighted in this years Small Business 100, as part of Small Business Saturday 2017... We consider what the UK and Ireland edition of Mashable on Snapchat Discover might mean for digital content, publishers and startups. The mobile ordering app that'll help us all save time getting coffee and lunch! TableCrowd, a real-life business network that brings people together over food and drink is now crowdfunding via Crowdcube for £400k. Making Tax Digital (MTD) is set to bring about the biggest change to the UK’s tax system for a generation. Here are four things you need to know. Award winning social prescribing platform Elemental Software has raised a rather healthy £300k with the help of ClearlySo, Europe’s leading impact investment bank. Startacus is supporting the TheBigGive.org.uk fundraising appeal to support those affected by the Grenfell Tower tragedy. We take a look at pioneering HealthTech startup OurPath who recently closed a £500k fundraising round and secured a NHS commission to pilot the company's tech.
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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