Today’s business environment is full of eager people looking for or trying to be the next Mark Zuckerberg, Bill Gates or Steve Jobs. With TV shows like the Shark Tank plus both State and Federal Government announcing significant investment in measures to promote business start-ups the sector is becoming very fashionable.
As with all things that become fashionable more people are taking the next step from having an idea to actually pursuing a business start-up. The positive side of this is that there is a flood of new ideas which could lead to successful innovative businesses that solve a consumer need. However, before investing precious time and capital into the next great idea we should put some rigour around selecting the one that has the best chance of being successful.
Entrepreneurs are naturally very excited about a new idea and their passion can be quite infectious. If we are assessing ideas, it is essential to balance that initial enthusiasm with a structured process to determine if the right underlying factors are present to form a potentially great business.
Based on many years of experience with start-up businesses Hanrick Curran have developed a seven step assessment guide you can follow to help you to find those diamonds in the rough.
Step 1: What problem is being solved?
Step 2: Does solving that problem create value?
Step 3: Defining the market and its size
Step 4: Assessing the competition
Step 5: Will the business be financially viable
Step 6: Is the ‘go to market’ strategy feasible
Step 7: Do you have the right team?
We encourage you to follow our Start-Up Series of articles to work through this 7 step guide to assess if one of your ideas could be a start-up success. If you want to delve into all 7 steps in one sitting, please download our Guide here. For assistance with any of these steps, please contact Matthew Beasley on 3218 3900 for a no obligation discussion.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.