Making sure you've prepared your in-person pitch is one of the easiest things you can do to give investors a good impression of you and your start up. Preparing includes practicing and anticipating potential questions you might be asked.
allBusiness did an article on 10 Reasons Why your Startup Idea Sucks and Won't get Funded, not having solid answers to investor question is reason #3 on the list.
Questions for Startups
check out the full article on allBusiness, here!
University of Akron, Class of 2018
Marketing Lead/Customer Success Manager of New Territory, LLC
A group of Cuyahoga County economic development organizations is taking as much advantage as possible of an expected rush to turn capital gains into tax-sheltered investments in target neighborhoods. The Opportunity Zone legislation was created to allow for a larger net of financing, especially equity investments in startup or early-stage businesses. "The Economic Innovation Group, the Washington, D.C., think tank that helped shape the Opportunity Zone legislation in 2016, estimated there is $6.1 trillion in unrealized capital gains to investments in distressed communities." The group, under the banner "Opportunity CLE," has put together an investment prospectus and is developing a website and digital portal to attract both local and national investment to federally designated census tracts considered economically distressed. It also wants to ensure the investments have as much of what the group calls "social impact" as possible.
Come up with a business idea
1) Focus on your strengths
You know what they say, if you do something you love, you'll never have to work a day in your life. Starting your own business takes an incredible amount of work but if you enjoy what you do, it'll make it so much better. What do you like to do? Hobbies? Interests?
2) Find a problem and solve it
People with problems need a solution, simple as that, the solution is your business plan. Start with a list of common problems and problems that personally frustrate you, it's very likely they're problems for other people.
3) Find a need and service it
Similar to finding a problem, do you see a need addressed? If you see a business that doesn't meet the need of its consumers? Is there a need in the area that is not being met by businesses in the area? If you see the opportunity of a missing business, take it.
4) Be a forward thinker
Technology and business tend to think ahead of the curve. Ask yourself "What's next?" Can you predict a possible problem or need that might come around once technology gets to that point?
5) Do it better
Do you see a business model that you can apply to a different industry? Is there something you can do better? Are there products you can sell cheaper? If your business model is better, faster, cheaper or newer - you have a much better chance of a viable business.
Check out these articles for more information on thinking of a new business idea!
How to Come up with Hundreds of Business Ideas - https://articles.bplans.com/business-ideas/create-hundred-of-business-ideas/
How to Come up With a Great Business Idea - https://www.thebalancesmb.com/how-to-come-up-with-a-great-business-idea-1200813
What Are The Best Ways To Think Of Ideas For A Startup? - https://www.forbes.com/sites/quora/2013/05/08/what-are-the-best-ways-to-think-of-ideas-for-a-startup/#763ecbf87b82
5 Places To Get Ideas For Starting Your Next Business https://www.forbes.com/sites/neilpatel/2014/10/06/5-places-to-get-business-ideas/#30ded8fc733a
Walsh University, Class of 2020
Manager/Son - Dels WingsnThings
Job Title: Process Manager
Reports to: Executive Director
Time Commitment: 10-15 hours weekly / summer (paid internship)
About Northeast Ohio Student Venture Fund
The Northeast Ohio Student Venture Fund(NEOSVF) is a 501(c)(3) non-profit venture development organization that gives entrepreneurial graduate or undergraduate students from higher education institutions an opportunity to better understand new ventures through experiential learning opportunities relating to entrepreneurship, venture capital, technology commercialization, and economic development. The fund is also focused on investing in high-growth potential, tech-based startups in Northeast Ohio. The fund has invested in 18 companies. The fund is aimed at getting a long term return from a company that will actually make meaningful growth with the capital they are awarded.
This internship will challenge you to think entrepreneurially and bring meaningful ideas. Network with the Executive Director, startups, potential investors and students to promote NEOSVF across the Northeast Ohio entrepreneurial ecosystem.
Knowledge, Skills, Abilities
To apply for this internship, click here!
College of Wooster, Class of 2019
Case Western Reserve University & Weatherhead School of Management, Class of 2020