Concept Carrier

I have a written document covering my idea and thinking about starting a business


Armed with your two page summary of your idea and a non-disclosure agreement, go and find:

a) an expert in your target market
Talk to the industry expert about your idea, but listen to their feedback and make notes. Do not argue with them to support your product but work with them to find the flaws in your initial idea and then refine your idea given their input. If they are too negative maybe they did not understand the idea or maybe the idea does not have legs. Finding out early is better than pursuing the idea for two years and then finding out after you have spent time and money on the idea. Getting input that helps you refine your idea is worth its weight in gold. Be prepared to be criticised and to learn. After all who’s the industry expert?

b) an experienced start-up businessman
With your refined idea of your product and market, discuss your plan with an experienced start-up manager to identify some of the key issues you may face in rolling out your idea or opportunities you may not have thought about. Key areas to get an idea on are funding requirements, sales channels, marketing positioning, competition, service delivery and financial management, systems and cash-flow. Obviously this is back of an envelope stuff, but if it looks like you need $500,000 to start and you have $50, then this maybe out of your league.

c) a close friend
Although the close friend may not be as informed as either of your two previous “dates”, he will at least buy you a beer and cheer you up again!

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