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!
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
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