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.
The first thing you ought to do is validate your idea. In general, this involves a number of aspects. You must begin by engaging your most trusted friends and colleagues. You should do so with the aim of getting honest feedback on your idea. If possible, avoid seeking advice from someone who will not have the courage to be honest with you when the odds are clearly stuck against you.
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 must conduct thorough research beforehand and find out about the weaknesses of your competitors. The internet is a reliable place to research from. Search engines like Google can give you interesting answers provided you include the right search parameters. If your idea appears to be a cut above what your competitors have, there is no doubt that investors will start angling to invest in it.
One great way to ensure you get few competitors is by trying a platform that is not too crowded. By reducing your competition, investors will get the confidence they need to give your venture the capital it requires. All you should do is perform an environment check in advance.
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.
The first thing you ought to do is validate your idea. In general, this involves a number of aspects. You must begin by engaging your most trusted friends and colleagues. You should do so with the aim of getting honest feedback on your idea. If possible, avoid seeking advice from someone who will not have the courage to be honest with you when the odds are clearly stuck against you.
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 must conduct thorough research beforehand and find out about the weaknesses of your competitors. The internet is a reliable place to research from. Search engines like Google can give you interesting answers provided you include the right search parameters. If your idea appears to be a cut above what your competitors have, there is no doubt that investors will start angling to invest in it.
One great way to ensure you get few competitors is by trying a platform that is not too crowded. By reducing your competition, investors will get the confidence they need to give your venture the capital it requires. All you should do is perform an environment check in advance.
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.
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