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 InsurTech startup which covers the risk of non payment of invoices... AO, the UK’s leading online-only household appliance and electrical retailer is looking discover and integrate startups with solutions that will help AO’s customers. Technology has transformed how people interact. We are on the cusp of an exciting new era in clinical communication, and a key shift in the empowerment of patients as a stakeholder in healthcare. Exercise made fun thanks to this location-based strategy game for runners and walkers The innovative Social Community App that's been created for those living & working with Dyslexia and ADHD... Shuttout - The community-driven marketplace startup that's adding social value to photographs... Dent Reality launches it's new AR wayfinding technology for shopping malls, airports, retailers and other venues, using virtual paths and arrows to help users find their way. Aberdeen based startups and entrepreneurs take note - here's the lowdown on key startup support and help available where you are... Here are seven kinds of educational courses that can take your abilities as an entrepreneur to the next level. Here we’ll take a look at six ways you can get the most from your online advertising budget.
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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- AO launches Innovation Lab to integrate online retail solutions 17th Apr 2019 AO, the UK’s leading online-only household appliance and electrical retailer is looking discover and integrate startups with solutions that will help AO’s customers.
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