The Power of the ‘Pilot’ – 3 Reasons Why You Should Test Your New Business Before Launch

testing your business idea

Setting up a new business is an exciting, thrilling and all encompassing challenge. It is the best and most stretching form of personal and professional development that a person can do.

Creating and selling your own products and services, building a network of happy customers and managing your own time are just three of the perks that come with running your own business. But all too often, I meet entrepreneurs who are burnt out, stressed and lacking in sufficient income. This is often because they did not trial their business ideas before they got stuck in. So today, I want to convince you that you should ‘pilot’ your business idea before you launch your new venture for real. (more…)

On to a Winner? How to Tell if Your Product Idea is Really a Good One

business idea - success or failure

So, you have a great product idea, it’s exciting, you see the value and believe it could change your company’s future or launch your next new business. This idea may be a brand new product solving a problem, or a better way to address a market need than the competitors out there today.

Knowing that not all business ideas make it, jumping into your new idea can be a significant risk, requiring you to commit substantial resources. However, it doesn’t have to be, and there are a few questions to focus on early to test your idea’s potential. (more…)

Practical tips on navigating the patent process

Tips on the patent process

Starting your own business isn’t plain sailing. It throws lots of new challenges at us, each with their good, bad and ugly dimensions. And registering a patent is no different.

A lot of inventors with incredible ideas have fallen along the wayside, simply because they didn’t invest the time needed to successfully navigate the patent system.

Make a mistake at this point and you could end up doing all the hard work only for someone else to exploit later down the line. So if you want to protect your business idea or invention, you need to take the patent process seriously. (more…)

5 questions to ask yourself before you start your own business

questions to ask yourself before starting own business

The inspiration to start a business can come anywhere at any time: in the pub, in the shower, in the supermarket, walking the dog.

How many times has someone you know announced they’ve had a great business idea? And how many of those eureka moments ended up getting no further than a few notes on a napkin?

Why was this? Too much hard work involved? Concerns over starting a business being too risky? Worries about it needing too much commitment?

But those aren’t barriers to every business idea taking off; some ideas do make it from conceptualisation to conclusion. The difference? Dedication and passion. And perhaps necessity. (more…)

A New way to brainstorm – Getting great business ideas with ‘The Idea Generator’

Idea Generator

Brainstorming was born in the 1950s and while all the other aspects of business have changed dramatically since then, the way we come up with new ideas hasn’t. Until now.

Intuitively, brainstorming seems to make sense as an approach to get new ideas on a tricky issue. Get some smart people in a room; tell them it’s time for some blue-sky, out-of-the-box thinking; and then wait for the money ideas to come rolling in.

But do you find that often the ideas of your brainstorming session don’t really meet the grade?

Do you feel that somehow you’ve not achieved the quality of outputs the people in the room had the potential to achieve? (more…)

8 Mindfulness hacks to help make your business ideas actually happen

mindfulness

The difference between entrepreneurs who succeed, and those who spend time just thinking about it, is taking action. Specifically, it’s about taking the right action at just the right time.

You might not realise it but, if you’re starting a business, you can gain a lot from using some age-old Buddhist philosophies. One particular Buddhist concept, called the Noble Eightfold Path, gives a very practical and useful framework to take a startup idea from its genus and genesis through to successful delivery. It’s also a graceful way to move forward with in life.

But, there’s no need to become a practicing Buddhist, or ‘Anything-ist’, to benefit from the principles of mindfulness. Here, Tom Evans, author of ‘The Authority Guide to Practical Mindfulness’ explains how you can help turn your business dreams into reality with these 8 mindfulness hacks;

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Why the best businesses start with a vision

If you were to survey a group of entrepreneurs about why they started their business, I’m sure you would get a huge variety of interesting answers. Of course many of them will have been motivated by money, but I would bet that one of the most popular reasons would be a desire to create something meaningful for themselves.

The prospect of taking control of your own destiny and being your own boss is a powerful motivator. I personally spent years as a Wall Street trader but found that the money I earned and lost just became numbers that had very little meaning to me.

Chasing money felt like an empty pursuit, and deep down I really wanted to start and run my own business, be the boss, and build stuff that I could actually point at. (more…)

Copycats: Why the best business ideas come from copying what others are doing

Have you ever heard the saying: “There is no such thing as an original idea?”

Like many things that live in the public imagination, it is there because there is some truth behind it. There are some ideas that come like a bolt of lightning out of the blue, or so they seem. But when you look closer at the facts, the ideas have been stimulated by other factors and inputs.

A great example of this is in watching the evolution of the earth and how totally separate cultures, closed off from each other, have developed similar inventions over time.

The best ideas have a bit of something else in them, but how can you capitalise on this and use it to develop a great business idea? (more…)

10 tips for starting a business at university (from someone who did it themselves)

A number of the world’s largest companies were founded by ambitious and determined university students who weren’t afraid to dream.

Most people know that Mark Zuckerberg created Facebook in his Harvard dorm room, but were you aware that FedEx, the global courier service, was first imagined by Frederick W. Smith in an undergraduate paper while he was studying at Yale?

In fact, lots of companies that we encounter on a daily basis, like Google and Microsoft, were set up by university students who decided to run with their business ideas. So if you’re a student at university and feeling entrepreneurial, here are 10 practical tips to help you launch a successful business while you study; (more…)

Online tools and resources to help you write an effective business plan

One of the keys to success in any venture is having an accurate and informative business plan. It will set a clear direction and ensure you spend your time productively. As a vital document, you need to invest time getting it right before you make any key business decisions.

There are numerous tools and sources of information online, that allow you to research and plan virtually any business idea. Here are a few of our favourites.
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