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? Premium fashion resale service Cudoni secures £1.4m investment to support brand growth internationally at a time when the secondary fashion market is booming fuelled by consumer concerns for sustainability. ESTHER, a pocket-to-pocket giving app which allows a user to give directly to an individual living in poverty, wins an all-expenses paid trip to New York. The FinTech startup that's using blockchain to make the financial side of filmmaking easier The London based startup that's created a game that inspires children to code and teaches professional programming skills. So much is written about how people should go about starting a business, but little is said about whether someone should start one! These are the question we should be asking... If you want to develop a brand that stands the test of time, find out how to ensure your startup company’s survival. Some ways your organisation can widen its recognition and boost its number of enquiries. Three ways in which technology can help small businesses to compete like a pro - at a relatively low cost!
The MedTech startup which is on a mission to support patients to take their medication properly. Here are four flexible communication solutions, for communication within your business and with your customers and clients.
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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- The upSTART finalists at Digital DNA 2019 13th Jun 2019 upSTART, the startup pitch competition at Digital DNA 2019 will see over 20 disruptive NI-based startups pitch to determine who will win an all-expenses paid trip to explore the New York tech scene.
