Ever wondered about presenting a fresh idea to a panel of business experts?
It is as nerve racking as it sounds, but this experience has given me some great tips and tricks on how to set up a fresh business idea.
No.. it wasn’t the real Dragons den, it’s another B&E event organised by Bangor University and run by Chris Walker.
The “dragons” in the “den” were:
- Emlyn Williams
- Lowri Owen
The event started off by splitting people into teams and informing us that we had a few hours to set up a business idea.
We had to fill in the business plan segments to then present in an ‘elevator pitch’ style situation to the dragons.
An elevator pitch is explained (with heart) in this short video below…
The business we chose to do was Econ- an ecological agency that specialises in environmental advice for building plans and wildlife conservation.
The business segments we had to fill in are explained in the business model canvas picture below..
A good website to use if you want to try and make a business model canvas is Leanstack-its free and used by some of the biggest companies and universities in the world.
After completing the business plan and pitch I have found some key points made by the dragons to be extremely useful for designing ‘fresh’ business ideas…
Now, this seems to be pretty obvious, but it is commonly not done correctly or fully.
Points made by Emlyn Williams outlined that market research is not just about your potential clients, but also about potential competitors.
The size and distribution of competitors can suggest to you how hard a market it is to get into or can put doubts on its viability.
Money and Passion aren’t the Same but Needed
In a start-up business, you need to have both, passion alone won’t be enough to kick start a company.
You will need financial backing and a detailed plan of how you will start making this money back.
Money with no passion behind an idea, according to Lowri Owens, will create long-term sustainability problems as you need to be motivated to carry it forwards.
Don’t Underestimate the Power of Contacts
Not only will some help you see clearer but from a personal view reinforced by this event, business contacts provide the world of help to a new business.
Even if the contacts are your family or friends a bit of clarity and support can really help you go the distance.
So before you set up your business go out and network your idea, either in person or on social networking platforms, it will be really useful!
This event has helped re-think how to write business plans by showing me that if you spend just a few short hours each day planning ideas and practicing them it could help me expand my business knowledge. This would hopefuly increase my confidence when discussing my business making me feel more professional.
From this I have also learned how to do market research effectively from this event with help from Entrepeneur.
The thoughts, knowledge and influence this event gave me, in a such a short time, was invaluable and may have even shaped a new career path towards a biological business route. Who doesn’t want to be their own boss!
Hopefully, it has also given you some great tips and tricks too.
You can read more here about business planning from the next B&E lecture.