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? The lowdown on the Regional Winners of Tech Nation's Rising Stars competition - some of the UK's most promising early stage tech companies. Loop Not Luck aims to improve social mobility via its innovative job board designed specifically to connect underrepresented candidates to tailored career opportunities. 75% of LGBTQ+ tech founders and investors actively conceal their gender or sexuality from peers in the ecosystem, says first of its kind report. Leading AI startup Aiir Innovations secures major investment to support global expansion and help set a new standard for engine inspections. The lowdown on OneThird, the foodtech startup that's tackling food waste via its innovative solution for predicting the shelf life of fresh produce. Karen Meager, co-founder of Monkey Puzzle Training shares some insights on how leadership has changed in the last decade, and what it takes to be a great leader today. Freight rate management platform Freightify raises Series A investment to support further international growth and mission to help more freight forwarding companies digitize their operations. Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry. Want to learn a new language? Weeve is an innovative startup that has created an innovative, creative and effective way to help you do just that. Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
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...
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Tech Nation reveals 33 early stage scaleups to watch in 2023 8th Feb 2023 The lowdown on the Regional Winners of Tech Nation's Rising Stars competition - some of the UK's most promising early stage tech companies.
- Loop Not Luck, the UK’s first intersectional diversity recruiting platform launches 7th Feb 2023 Loop Not Luck aims to improve social mobility via its innovative job board designed specifically to connect underrepresented candidates to tailored career opportunities.
- New report reveals the tech community's LGBTQ+ Crisis 7th Feb 2023 75% of LGBTQ+ tech founders and investors actively conceal their gender or sexuality from peers in the ecosystem, says first of its kind report.
- Aviation startup Aiir Innovations raises over €2M to transform aircraft engine maintenance 7th Feb 2023 Leading AI startup Aiir Innovations secures major investment to support global expansion and help set a new standard for engine inspections.
