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? Whirli is an innovative toy subscription service providing you with access to a huge ever-changing toy box If, like many of us you're working from home at the moment, here are a few basic tips to help you do just that - in comfort The award winning Lloyds Lab incubator is back and is currently seeking innovative startups to join its latest cohort, Cohort 6. The f:Entrepreneur ‘#ialso100’ campaign that's showcasing the inspirational female entrepreneurs who are running small businesses and supporting their communities Bankhouse Media, the leading full-service digital marketing agency expands its offering and sets up a Belfast base in Glandore Leading event marketplace, Feast It secures major funding boost to assist with its expansion to full event planning and also further grow its virtual events offering The London-based fintech innovator, PayDashboard, receives Innovate UK Funding to support its growth in the financial wellness space Manna is an innovative Irish startup that's on a mission to use commercial drones and make 3-minute delivery within the community a reality Reboxed is a Brixton-based sustainable commerce startup that's created a smarter, safer, more sustainable way to buy and sell your tech Planning a marketing campaign for your business for the year ahead? These tips will help you ensure that it's a success
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 InsurTech startups take note - Lloyds Lab wants to hear from you 14th Jan 2021 The award winning Lloyds Lab incubator is back and is currently seeking innovative startups to join its latest cohort, Cohort 6.
- Female Entrepreneurs Powering Economy and Communities Celebrated 13th Jan 2021 The f:Entrepreneur ‘#ialso100’ campaign that's showcasing the inspirational female entrepreneurs who are running small businesses and supporting their communities
- PayDashboard secures funding boost for its innovative payslip platform 12th Jan 2021 The London-based fintech innovator, PayDashboard, receives Innovate UK Funding to support its growth in the financial wellness space
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