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Validation: P1 Ideas and Opportunity

Validation: P1 Ideas and Opportunity

Everywhere you look online today you see someone saying, “It’s a great time to start a business”, myself included.

So why should we be saying this and why should you be taking any notice?

Well it comes down to one thing. Opportunity!

Everywhere you look there is opportunity, especially in the middle of a global pandemic and economic crisis. New businesses have been set up in healthcare, face mask production, specialist cleaning services and temperature control devices. Still think it’s a bad time.

But before you go jumping in, think about the consequences of jumping too fast.

Not everyone is cut out to be an entrepreneur, and that’s fine, but only by testing the water correctly will you find out.

So, this scenario will be a common occurrence around the world today.

You’re sitting at your kitchen table, your partner is asking, “what do we do now, you have no job?”. Starting a business is probably the furthest thing from your mind right now. “How do we pay the mortgage” and all the other bills that are coming in at the end of the month is probably the only thing on your mind.

This can be the catalyst you’ve been waiting for. Let’s say, for arguments sake, you’ve always wanted to open a dry cleaning business, not the most exciting of businesses admittedly but this is just for starters. You read on LinkedIn that some ‘know it all’ guru says this is the perfect time to start a business, because of opportunity, disruption and all the other usual things.

Now before you even think about opening the doors to your new business you need to know a few important things first.

  • Is it what people want, is there a need?
  • Is the location right?
  • Will people pay your prices?
  • Etc

There are a few steps to take before all this happens.

The amount of times a brilliant idea has turned out to be a time and money pit, not to mention relationship killer. So, let’s not make that mistake.

Once you have an idea that’s when the hard work begins.

Global catastrophes like recessions and pandemics are often the precursor to disruption and opportunity plus redundancies are on the rise. A smart entrepreneur will view this as a great time to change careers, while others will think about starting their own business.

Its widely accepted that startups launched during a downturn tend to be far more durable and resilient than those started in good economic times. Look around for problems not being solved and come up with a solution that could be a great company for you to start. If you find the solution to a problem and then validate the idea, you’re more likely to succeed.

So, if your dry cleaning business solves a problem for your area, town or village then go ahead start your business today. But make sure you validate your idea first.

You might be the perfect person to start a business, but your idea might be a bad one. Don’t be put off if it is, rarely does an entrepreneur land on the ‘killer idea’ first time. It really does take time.

The important thing is that you get started in this order:

  1. Validate your idea by doing some market research
  2. Create an MVP, minimum viable product, and then grow when you’ve proved the concept
  3. Start your business in the knowledge that its viable and people want or need what your selling and will pay for it

Follow these simple rules and it will give you a great start and cut out a lot of the stress and heartache you could find yourself in if you don’t.

If you would like to know more about validating your business idea before you jump in, join us for a free webinar on 10th December 2020. For more details and registration follow this link: https://webinars.teguk.co.uk/

Why Do Entrepreneurs Want to Start Their Own Business?

Why Do Entrepreneurs Want to Start Their Own Business?

Coutts, the wealth manager and private bank, has released the latest round of findings of the inaugural Coutts UK Entrepreneur Index (CUEI) which outlines the level of entrepreneurialism in the UK as well as the desires and barriers that they have faced when starting their business.

The Entrepreneur Index has already revealed that one in four Brits (23%) has launched their own business, meaning they can officially call themselves an entrepreneur. Today, the wealth manager and private bank has also revealed what the drivers are behind those entrepreneurs making that decision.

It seems that for British entrepreneurs, the flexibility to work for oneself was the number one factor, with more than half (52%) declaring so. The same figure (52%) also said they wanted their business to be an interesting place to work. More than a third (34%) were attracted to the possible financial reward and a quarter (25%) simply wanted to build something from scratch.

It was also clear that launching one’s own business is also an opportunity for many to do something for their society or community. One in three (33%) declared that it is important to them that their business has a positive impact on society, more than a fifth (21%) said that wanted it to create jobs and around one in six (17%) wanted their business to be diverse.

Interestingly, Coutts found that more female entrepreneurs (37%) wanted their business to have a positive impact on society than their male counterparts (29%), and more women (57%) also found the idea of simply doing something more interesting a bigger driver than men (47%).

The Entrepreneur Index also compared the different sentiments of the UK’s entrepreneurs depending on their age, with some fascinating insights coming to light. More younger entrepreneurs, those aged between 18-34, for instance, wanted their business to have a positive impact on society than their senior counterparts – 43% of Britain’s younger entrepreneurs stated so, compared to 35% of those aged 35-54 and just 16% of those aged 55+. More younger entrepreneurs were attracted to starting their own business in order to build something for future generations with one in five (22%) stating so, compared to just 9% of those aged 55 or over. The desire to do something or work somewhere genuinely interesting was the biggest driver for those aged 55+, with a whopping 67% stating so, compared to 44% of those aged 18-34 and 48% of those aged 35-54.

These numbers from the research prove one thing, without entrepreneurs and startups the UK economy will suffer for years to come. We cannot rely on other aspects of business to pull us through.

I would say there are two things that help in this struggle:

  1. Understanding the goals and drivers of the entrepreneur
  2. The purpose of the business, what is it here to do and achieve?

This goes for an entrepreneur with an idea, a start up or a global organisation

One thing is for certain its great to see that here in the UK we have the appetite to start and grow businesses. It’s a mark of just how passionate we are as a nation to do what we can to help, two lockdowns have proved that, but for me it’s the unshakable notion that together we can succeed. Maybe, just maybe, we will.