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? Hike is an SEO platform built for startups that allows you to optimise your site and content and aimed at saving 75% on annual SEO costs. The Festival of Female Entrepreneurs, now in its seventh year, is aimed at supporting women to build and grow sustainable businesses. The INVENT Awards 2018 from Connect at Catalyst Inc, took place in Belfast’s Waterfront, during which Gray’s Clip was announced as the overall competition winner. The innovative startup which “helps you build happy, productive teams by creating amazing onboarding experiences for new hires.” Vegan food business The Brook funds 130% in their first three days of their equity crowdfunding campaign on Seedrs, with the funds raised to go towards launching a new home delivery service. Leading real estate tech investment firm, Goldacre, has announced the six startups selected for its inaugural RElab accelerator programme. Tom Evans, Founder & CEO of BleepBleeps, shares his thoughts and experience of balancing passion projects with the reality of a full-time job. Andrson - The Dublin based startup that's using AI in its innovative global platform for undiscovered musicians... When done right, business surveys on employees, customers, suppliers and the market in general can help to improve almost every major aspect of a business. Get The Shifts is a Clare-based startup created for the very purpose of connecting hospitality staff with the people who need them.
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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- Innovative Electrical Clip hangs on to win INVENT Awards 2018 12th Oct 2018 The INVENT Awards 2018 from Connect at Catalyst Inc, took place in Belfast’s Waterfront, during which Gray’s Clip was announced as the overall competition winner.
- Vegan food business The Brook tastes crowdfunding success 11th Oct 2018 Vegan food business The Brook funds 130% in their first three days of their equity crowdfunding campaign on Seedrs, with the funds raised to go towards launching a new home delivery service.
- Six startups join Goldacre’s inaugural RElab accelerator programme 9th Oct 2018 Leading real estate tech investment firm, Goldacre, has announced the six startups selected for its inaugural RElab accelerator programme.
- Emily Crisps bags healthy £1m investment 4th Oct 2018 Emily Crisps raises over £1 million investment from Seedrs campaign to support expansion for it's healthy alternative to traditional potato crisps and fruit snacks.
