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? Small Robot Company, a British agritech robotics startup for sustainable farming, has raised £1.2 million via equity crowdfunding. Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, raises over £200k thanks to their successful 2nd equity crowdfunding campaign on Seedrs. IgniteNI looks to build on legacy with 2nd accelerator programme and San Fran base for 5 selected founders. Applications close asap so be quick to apply. The startup that's creating technologies to measure and demonstrate sustainability in the food chain. The lowdown on the London based barbershop and app that will come to you... UrbanVolt - The Lighting as a Service startup that is on a mission to radically reduce global energy consumption... From understanding what counts as intellectual property, to what to do if you think IP theft has occurred, we chatted to Andrew Kirke, Director at commercial law firm Tughans to find out more. The startup that has created the world’s first video-only review and booking platform... Nottingham based early-stage startups and entrepreneurs take note - here's the lowdown on key startup support and help available where you are... New app friendrequest aims to connect people, taking 'social' offline and to lead the way in facilitating real-life friendship.
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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- Cycle.land raises £200k to continue their bike sharing journey 16th Jan 2019 Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, raises over £200k thanks to their successful 2nd equity crowdfunding campaign on Seedrs.
- IgniteNI Accelerator to offer startups San Francisco landing pad 14th Dec 2018 Ignite Accelerator is putting investment-ready tech companies on a global stage thanks to their new San Francisco 'landing pad'.
- Falmouth University Launchpad incubates tech legacy 7th Dec 2018 Developed by Falmouth University in Cornwall, Launchpad is an innovative, post-grad incubation and acceleration programme. We take a look at some of the previous Launchpad alumni.
- Ignite Accelerator 2019 opens for North East England startups 16th Nov 2018 North East of England entrepreneurs and startups take note! The Ignite accelerator, a 6 month remote accelerator for MVP stage founders or teams is back.
