© Inge Hill Start Up, Palgrave 2015

Which idea is a business opportunity for you? CHAPTER 3 Which idea is a business opportunity for you? © Inge Hill Start Up, Palgrave 2015

© Inge Hill Start Up, Palgrave 2015 The purpose of Start Up So many start-ups fail because… No or insufficient research carried out Forecasts for sales too high Too little time spent on business modelling – finding optimal ways of production and delivery – therefore, costs too high Too much stock bought too early Insufficient amount of marketing A sustainable start-up only closes when the founder(s) want to do so – and is/are not forced to do it. The Start Up Cube offers a solution to create a sustainable start-up offering principles and doable practices. © Inge Hill Start Up, Palgrave 2015

© Inge Hill Start Up, Palgrave 2015 Learning outcomes Reminder how to differentiate further business idea from business opportunity Differentiate areas of feasibility and fit Discuss the four areas of fit the sustainable start-up needs to consider Explore industry feasibility part I and personal-ability I © Inge Hill Start Up, Palgrave 2015

The Business model cube™ © Inge Hill Start Up, Palgrave 2015

© Inge Hill Start Up, Palgrave 2015 Feasibility Feasible = possible and practical under certain conditions Feasibility study – exploring a number of business set-up scenarios under a variety of conditions Aspects of feasibility: Technological, operational, legal, industry, market, financial, personal, business model © Inge Hill Start Up, Palgrave 2015

Areas of fit for the sustainable start-up © Inge Hill Start Up, Palgrave 2015

Personal fit = Personal-ability Strategic fit with your life phase, skills and values at a given point in time Life phases with little extra time: Full-time student or full time employee Parent of small children Caring for a relative Values – behavioural, psychological, organizational, physical © Inge Hill Start Up, Palgrave 2015

© Inge Hill Start Up, Palgrave 2015 Values Behavioural Honest, reliable, trustworthy, approachable, supportive, respectful, sensitive, dependable, team oriented Psychological - being Decisive, resourceful, passionate, innovative, having integrity Physical or personal Accurate, speedy, organised, orderly, punctual, responsive Organisational Customer oriented, loyal, accountable, disciplined, productive © Inge Hill Start Up, Palgrave 2015

What Lewis Barnes learned about personal-ability “There was a road safety device, a travel device, an American company had it, and I was in talks of getting it over here to be able to distribute it exclusively. Fantastic idea, fantastic product, but the issue was me. I was biting off more than I could chew. It was an opportunity but then I wasn’t ready at the time to execute it. The timing wasn’t right and where I was with my knowledge and skillset was nowhere near adequate to fulfil the potential of the opportunity.” © Inge Hill Start Up, Palgrave 2015

© Inge Hill Start Up, Palgrave 2015 Questions? © Inge Hill Start Up, Palgrave 2015