Without a doubt, building a business from scratch is never easy. What most people do not know is that there is a lot that always happens behind the scenes. A great venture always begins with an idea. However, the major challenge that many would be entrepreneurs face is getting funding for their ventures. The following steps are a sure way to get yourself 100 percent project funding.
When you think of a great idea, it is important to validate it before seeking funding. Validating could essentially mean many things. To begin with, seek the opinions of friends and colleagues you can trust. While doing so, ensure the feedback you get is entirely honest and not glam or superficial. Do not ask for feedback from friends who will do anything to avoid hurting your feelings.
More so, do not go about looking for opinions from friends who are always pessimistic. If your personality lets you get hurt by negative words easily, you may end up feeling discouraged or disillusioned and give up before your idea reaches inception. In the process, you should check for the presence of actively patented ideas that are similar to yours. This will go a long way in helping you avoid legal complications.
With all the above done and dusted, ensure you gauge the type of competition you are bound to face. It is almost certain that you will find similar projects already in effect. While some may look different, they could still offer similar solutions to problems. If your goal is to build an app that is geared towards making medical diagnosis easier for example, you can never discount the possibility of finding similar apps already in use.
You need to do thorough research beforehand to uncover the weaknesses that your competitors have if you are to succeed. You can begin your research by simply going online. Search engines can give you a lot of information if you know the kind of words to include in your search parameters. If your idea seems a step ahead of what is presently available in the market, investors will be jostling to fund it.
A great way to limit your competition is by opting for a project that is not in an overcrowded field. Little competition will boost the confidence of investors and make them invest as much as they can. The most important bit of your preparation is research.
It can be quite embarrassing to take your idea to investors only to be told there are many similar ideas that have been implemented and are popular. During this time, remember to make the internet your best friend. You will definitely cover more ground and cut down on research costs by going online.
Lastly, ensure you practice on your presentation. Slides can help you disseminate information easily. For clarity, use graphs and easily understandable pictorials. Also back the points you make with facts. This will help you avoid answering embarrassing questions.
When you think of a great idea, it is important to validate it before seeking funding. Validating could essentially mean many things. To begin with, seek the opinions of friends and colleagues you can trust. While doing so, ensure the feedback you get is entirely honest and not glam or superficial. Do not ask for feedback from friends who will do anything to avoid hurting your feelings.
More so, do not go about looking for opinions from friends who are always pessimistic. If your personality lets you get hurt by negative words easily, you may end up feeling discouraged or disillusioned and give up before your idea reaches inception. In the process, you should check for the presence of actively patented ideas that are similar to yours. This will go a long way in helping you avoid legal complications.
With all the above done and dusted, ensure you gauge the type of competition you are bound to face. It is almost certain that you will find similar projects already in effect. While some may look different, they could still offer similar solutions to problems. If your goal is to build an app that is geared towards making medical diagnosis easier for example, you can never discount the possibility of finding similar apps already in use.
You need to do thorough research beforehand to uncover the weaknesses that your competitors have if you are to succeed. You can begin your research by simply going online. Search engines can give you a lot of information if you know the kind of words to include in your search parameters. If your idea seems a step ahead of what is presently available in the market, investors will be jostling to fund it.
A great way to limit your competition is by opting for a project that is not in an overcrowded field. Little competition will boost the confidence of investors and make them invest as much as they can. The most important bit of your preparation is research.
It can be quite embarrassing to take your idea to investors only to be told there are many similar ideas that have been implemented and are popular. During this time, remember to make the internet your best friend. You will definitely cover more ground and cut down on research costs by going online.
Lastly, ensure you practice on your presentation. Slides can help you disseminate information easily. For clarity, use graphs and easily understandable pictorials. Also back the points you make with facts. This will help you avoid answering embarrassing questions.
About the Author:
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