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From great idea to being in business


Do you have the energy, the funding and know what it takes?

TAKE THE QUIZ

1. What could happen to a great idea without a good plan?

(A) Gets funding on April fools’ day

(B) It’s a good but costly learning exercise

(C) It could become a great problem

(D) All of the above

2. What can happen to ideas that take shortcuts in planning?

(A) They may become long jokes

(B) At some point they might have to go back to square one

(C) They could end up in the desert far from hotel California with a flat tire, no replacement a dead mobile phone and no piña coladas under the sun

(D) All of the above

3. What can happen to a business plan without a sound marketing strategy?

(A) The inventory started growing spider webs and was transformed into a life time supply of awkward presents

(B) All the people who received the presents later disposed of the items

(C) It was not a business plan it was only a product development guideline

(D) All of the above

4. Why the importance of a sound realistic business plans can not be emphasized enough?

There are a great number of business ideas that don’t end up taking off even with funding for a great number of reasons but an unrealistic and unsustainable business plan are among the main ones.

Ideas can be the ground breaking starting point for innovation yet their success or failure is dictated by their planning and execution.

Getting the mix and aligning the stars is easier said than done but the good news is it can be done.

Well capitalized businesses need to continuously push for innovation to grow and fiercely fight for market share to sustain their business models and operations.

No pressure.

In today’s modern environment you will need to lift a well-rounded business and digital infrastructure that will enable you to present your value proposition, interact and engage with existing and potential clients and streamline your operations.

5. Where will your energy and time go?

There is a great deal of energy and time involvement required with researching the market, formulating a value proposition, producing a business plan, setting up businesses, developing products, elaborating marketing strategies, pitching your vision and plan to investors or clients just to name a few of the steps involved in the journey from great idea to being in business.

You will quickly need to become a: Web Designer - Marketing Manager - Reasonably competent in IT - Product Research Analyst - Business Development/Sales Manager - Admin champion - Operational Manager - Relationship Manager and much more.

We recommend a balanced diet and a regular exercise routine to keep sustainable energy levels yet not a very time consuming one because there is so much to and so little time.

6. Is technology the answer?

There is a great number of technological developments that have facilitated setting up and running a business which has prompted individuals to become participants and pursue business opportunities yet the competition has and will continue to strengthen for the same reason.

With the availability of technology clients expect more and will screen through a universe of options seeking excellence.

To wow your clients you will need to do more than setting up a business.

7. Why is getting funding difficult?

From an investor stand point it is likely that you would like to see more than good ideas to provide funding and it is likely that you would place thorough consideration on sustainable business models with a solid product or service launch plan.

It might be a great idea but can you really administer the day to day operations and manage the whole business on your own?

8. Can you keep your emotions in check?

Passion can be a very powerful ally to build a business but also makes it hard to realize when to walk away from a failed concept.

Pride might give you the confidence to present your business but will also make failure very hard to take and acknowledge.

9. How can consulting add value?

(A) Unbiased standpoint and research to assess the viability and commerciality of your value proposition

(B) Access to view points from experts familiar with your industry and business field

(C) Outside the square creativity that could refine your idea to better position it in the market place

(D) All of the above

10. What are the best funding avenues for your business or idea? How long is a piece of string? Well it all depends on the plan.

Which avenue or combination of avenues might be the best way to lighten up your idea will depend on your personal circumstances, project, capabilities, business stage and objectives.

Never the less, you can’t skimp on research or planning or your idea could be a money consuming exercise that could end up only returning tears.

11. Few questions you should ask yourself about your idea before you look for funding.

  • How much of your own money are you willing and can afford to put on the table?

  • Can you develop the product or provide the service yourself?

  • How long will it take for you to generate sales or attract business?

  • How much time can you survive with your own savings if it’s your own business?

  • What would be your exit strategy or backup plan if things are not turning out as planned?

  • Have you ever launched anything to market before?

  • Is there anything that you will need to outsource?

  • How much time can you allocate to the idea?

  • Are you willing to forgo some control?

  • Are you willing to share the profits?

  • Have you conducted a pilot program or can you conduct one?

Our approach is hard work while keeping our sense of humor in check.

No matter what business stage or conditions you find yourself in you can count on us to help you make it happen.

Let's find out how far we can go together.

Strategic viewpoint by Carlos Mauleon Senior Manager of Strategic Business Initiatives at BIZNEX Consulting www.biznexconsulting.com.au

#businessplanning #businessstartup #startupconsulting

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