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Make Sure Your Business Idea Has A Fighting Chance

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by Startacus Admin

LegalDragons Den
Does your idea contravene any laws or health and safety regulations?
Is your idea threatened by any future regulations or laws that are in the pipework?
Can you protect this idea? – Note this is one of the most asked questions on Dragons Den

Finance (Again in my experience most people seem to avoid finance questions – mainly in my opinion because most of us don’t like numbers and don’t understand them)

How much will this idea cost?
How long before this idea will cover those costs?
Can you wait that long?
Can any investors wait that long?
How long before it makes a profit?
Can you wait that long?

Supply Chain

Does your idea need a supply chain?
How complicated is it? Overseas? Different culture?
How much control did you have over the entire chain?
What are the weaksposts in your chain??

These are just a few questions to think about. (Its by no means an exhaustive list!)

You may think most of the above are common sense. If that’s the case why do so few people actually ask and answer them? Think back to Dragons Den! I urge you to watch a few episodes – how many of them have really thought out their business well? Not many! It provides us with a great deal of entertainment but at the end of the day those people have put time, energy and money into something that isn’t going to work out. They could have saved themselves all that heartache if they had asked themselves some of the above questions. Don’t fall into the same trap!

Joseph Benn is the author of Brilliant Business Ideas and writes at Sign up at his website for a free 10 day creative thinking course. Thank you Joseph for this great post and we look forward to reading more of your articles.

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Published on: 4th October 2012

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