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? Paid is a startup that is on a mission to help freelancers and micro businesses get paid for work without the wait Osaka Gas makes strategic investment into energy supplier Igloo Energy in exchange for a minority stake in the company HypeLabs, the leading software-only mesh networking provider raises $3m to strengthen its team and to support its international growth plans
Berlin-based music startup, Jambl secures $500,000 investment from Gismart, a leading developer and publisher of entertainment-focused apps and games We asked the Hollabox App team to share their top predictions on how technology will challenge fake news and reviews in 2020. Further development by Wishu, the social marketplace aimed at generation Z creative freelancers, waith the launch of its iOS app Tracworx is a real-time patient tracking system that results in excellent patient care throughout the entire patient journey The environmental initiative, Returnr that aims to replace single use takeaway packaging with equivalent reusable solutions Thriftify is an online platform that connects the most sustainable & ethical source of goods with consumers who care... Women in Tech themed half-day event and startup pitching competition to take place during next year’s Derry City and Strabane District Council’s Enterprise Week
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)
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Igloo Energy secures strategic investment of up to £20 miliion 10th Dec 2019 Osaka Gas makes strategic investment into energy supplier Igloo Energy in exchange for a minority stake in the company
- Mesh-networking startup HypeLabs secures $3M to provide Internet-free connectivity 10th Dec 2019 HypeLabs, the leading software-only mesh networking provider raises $3m to strengthen its team and to support its international growth plans
- Gismart invests $500k in innovative music startup Jambl 9th Dec 2019 Berlin-based music startup, Jambl secures $500,000 investment from Gismart, a leading developer and publisher of entertainment-focused apps and games
- Derry & Strabane Tech event championing women in tech and tech inclusion announced 5th Dec 2019 Women in Tech themed half-day event and startup pitching competition to take place during next year’s Derry City and Strabane District Council’s Enterprise Week
