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? Ignite returns to Newcastle, home to its inaugural accelerator programme, to launch a 3-month funded, pre-accelerator programme for up to 20 early-stage businesses. The free online tool to help you save money on your mortgage, the easy way. "If you want to teach a nation to read: Just turn on the subtitles". This simple advice might just help make kids become proficient readers... The innovative N. Ireland based startup that'll help you save both time and money when importing... Urban Massage announces new on-demand wellness services and immediately raises over £2.5m in investment via equity crowdfunding platform, Seedrs. The innovative app which is creating a better way for law firms to communicate with their clients... London-based startup Ugenie is aiming to allow businesses to efficiently engage & monetise their customer community via an affordable tailored mobile hub. Thinking of entering and expanding your business into the US market? We chat to Michael Burke, Partner in the Washington, DC office of Arnall Golden Gregory LLP. The FinTech startup which is on a mission to fix car leasing and make the entire process easier than ever before. Early-stage startup CityRadar is a SaaS platform that aims to tracks, analyses and increase consumer spend in the hospitality, tourism & travel business sectors. We found out more...
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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