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2. Which idea is a business opportunity for you?
CHAPTER 3
Which idea is a business opportunity for you?
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3. © 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.
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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
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5. The Business model cube™
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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
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7. Areas of fit for the sustainable start-up
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8. 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
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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
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10. 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.”
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Questions?
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