in How to Increase Your Employability Before Graduation!

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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:

  1. Emlyn Williams
  2. 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…

Market Research

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.

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