Idea Threads

[Whole Paradigm]

Hey All,

Everyone seems to be a bit aggravated with the abundance of "Idea Threads" so I figured I'd contribute to maybe help lower those. Many people, myself included, get excited about their ideas and the first thing they want to do is go out and tell people. Especially, if those people are as qualified and experienced such as those on the forum. I guess we're all looking for some excitement and appreciation for our ideas. However, before posting an idea thread, it may be a good idea to answer a series of in-depth questions about your product or service. Then, instead of a general idea thread, you'll have a series of practical questions directly related to your idea and it should evoke some healthy advice and suggestion posts. Both the individual with the idea as well as the contributor should be much happier under this scenario.

• Your product and service
  
  • What is the product or what does the service do?
  • How will your customers use the product or service?
  • How and where will you find your customers?
  • How will you create it, and how will you "deliver" it to the customers?
  • Will the product or service require testing? (Explain in detail if so.)

• Your experience and management
  
  • Who makes up your management team? (May not apply to you.)
  • What experience should you and your employees possess?
  • What are your credentials and specific skills?
  • Are you missing any skills or do any need strengthening?
  • How much time can you devote to the business as well as learning?

• The market your competing in
  
  • What is the demand for your product?
  • Who is your target market? (Who are the customers?)
  • What is the size of your market?
  • Is the market growing, slowing, stagnant, etc.?
  • Where and how can your research your potential customers?

• Your competition
  
  • Who are your primary and secondary competitors?
  • How do your competitors market their products or services?
  • What makes your idea better or different than your competitors?
  • Is your idea easy to copy?
  • How can you protect the idea or service?

• Your costs
  
  • How much does it cost to make the product or produce the service?
  • What other business costs do you have?
  • How much money do you need to start?
  • Do you have access to funding?
  • When will you make a profit?

• Researching
  
  • Read the news paper and watch the news.
  • Look for a trade association.
  • Go to the library.
  • Look at/Go to your competitor’s products, websites, locations, etc.
  • Search Google.
  • Chambers of Commerce.
  • Small Business Association.
  • Surveys.
  • Use published market research such as Gartner Group or IDC.
  • Ask specific questions to friends and family. (And on the forum.)

The whole goal for this was to encourage individuals to first answer these questions on their own, and then hopefully have specific questions to add to the forum that may increase the overall quality here. This isn't an exhaustive list, but I hope it helps add a little more quality to the forum.



Obviously, if anyone has anything to add please do.



Cory

[MJ DeMarco]

Another thing to consider w/regard to competition, is this: Will your company have longevity and be defensible once established? If you have success, will it take 18 months for your competitors to swarm in with outsourced products from China to eliminate your edge? Can you avoid commoditization through branding?

Great post.

[DrummerDad]

A problem I ran into is with the marketing. Im in the percussion equipment manufacturing section, so I needed to find out how many drummers there were in the US. Good luck finding that information. It isnt always easy to get these answers, unless you are willing to pay someone to get it for you. You have to be able to at least make an educated guess at how many potential customers you are going to have.

I found the Trade Shows to be the best investment for me. Its alot of money, but the contacts you make are invaluable. I would have never met some of those people, if I didnt go to the shows. And then you have a foot in the door, and can ask some of the experts about the things you need answers too. You will have to become very well versed in your industry. Ive been a drummer for over 25 years, but I knew nothing about the industry.

And read. I cant express this enough. Buy, borrow, steal books on your subject (ok dont steal them, but get them). Go to forums, websites and blogs. Read books magazines, newspapers, etc. Its about being informed. The last thing you want is to be talking to a potential investor or partner, and them ask a question you dont have an answer for. Do your homework. Im sure your competition is doing theirs.

[Whole Paradigm]

Another thing to consider w/regard to competition, is this: Will your company have longevity and be defensible once established? If you have success, will it take 18 months for your competitors to swarm in with outsourced products from China to eliminate your edge? Can you avoid commoditization through branding?

Great post.

Very true and quite important.

[Whole Paradigm]

A problem I ran into is with the marketing. Im in the percussion equipment manufacturing section, so I needed to find out how many drummers there were in the US. Good luck finding that information. It isnt always easy to get these answers, unless you are willing to pay someone to get it for you. You have to be able to at least make an educated guess at how many potential customers you are going to have.

I found the Trade Shows to be the best investment for me. Its alot of money, but the contacts you make are invaluable. I would have never met some of those people, if I didnt go to the shows. And then you have a foot in the door, and can ask some of the experts about the things you need answers too. You will have to become very well versed in your industry. Ive been a drummer for over 25 years, but I knew nothing about the industry.

And read. I cant express this enough. Buy, borrow, steal books on your subject (ok dont steal them, but get them). Go to forums, websites and blogs. Read books magazines, newspapers, etc. Its about being informed. The last thing you want is to be talking to a potential investor or partner, and them ask a question you dont have an answer for. Do your homework. Im sure your competition is doing theirs.

Yes, I can imagine research would be harder in situations such as those.

I agree that reading up and keeping informed is HUGE.

I've been to a few trade shows and they were all a really great thing for myself to attend.

[Whole Paradigm]

Also,

If you're looking to get your idea funded there is a pretty interesting site that helps you out as long as people believe in the idea.


Kickstarter

[atownag]

Thanks for the posting template. As MJ states, it's very important to develop a plan, and then execute. I've flopped on my face a few times before, executing without a plan. I'm tired of it, and I've started actually writing down my plan!

Great post!

[Whole Paradigm]

atownag,

Yes many people can benefit from a well-written and updated business plan. I'm a huge fan of strategic plans as well which I'd say 70% of people don't do or don't know how to.

[The-J]

This deserves a sticky. There's nothing wrong with sharing ideas, but most people never execute on them, making them useless.

I entered a competition yesterday for some venture capital (it's a business plan competition, what most entrepreneurs would call useless) and they provided some good questions that should be answered before getting some feedback on your idea; otherwise, your feedback will be useless.

QUESTIONS FROM NEW VENTURE COMPETITION

Q: What existing need or want does the venture address? What is the problem you solve?

Q: Describe the product/service? How will it change the way people live, work or do business?

Q: Who are potential users and/or customers?

Q: What makes it unique and why will customers buy/use it?

Q: What are your sources of revenue?

Q: How do you plan to grow/scale the business?

Q: Who are the existing and potential competitors?

Q: What is your competitive advantage?

Q: What are the team’s key skills and areas of expertise for executing this plan?

Q: What are the key skills and areas of expertise you need to add to your management team?

---

These are all questions that we cannot answer for you, so you have to answer these yourself. So it's probably a good idea to try and find the answers to these questions before putting your idea up here.

[Whole Paradigm]

I've attached a sheet here that will guide you further:


evalbus.pdf

[Whole Paradigm]

Bump for reminder

[LamboMP]

I'm really happy you posted this.

[PatrickP]

Hey All,

Everyone seems to be a bit aggravated with the abundance of "Idea Threads" so I figured I'd contribute to maybe help lower those. Many people, myself included, get excited about their ideas and the first thing they want to do is go out and tell people. Especially, if those people are as qualified and experienced such as those on the forum. I guess we're all looking for some excitement and appreciation for our ideas. However, before posting an idea thread, it may be a good idea to answer a series of in-depth questions about your product or service. Then, instead of a general idea thread, you'll have a series of practical questions directly related to your idea and it should evoke some healthy advice and suggestion posts. Both the individual with the idea as well as the contributor should be much happier under this scenario.

• Your product and service
  
  • What is the product or what does the service do?
  • How will your customers use the product or service?
  • How and where will you find your customers?
  • How will you create it, and how will you "deliver" it to the customers?
  • Will the product or service require testing? (Explain in detail if so.)

• Your experience and management
  
  • Who makes up your management team? (May not apply to you.)
  • What experience should you and your employees possess?
  • What are your credentials and specific skills?
  • Are you missing any skills or do any need strengthening?
  • How much time can you devote to the business as well as learning?

• The market your competing in
  
  • What is the demand for your product?
  • Who is your target market? (Who are the customers?)
  • What is the size of your market?
  • Is the market growing, slowing, stagnant, etc.?
  • Where and how can your research your potential customers?

• Your competition
  
  • Who are your primary and secondary competitors?
  • How do your competitors market their products or services?
  • What makes your idea better or different than your competitors?
  • Is your idea easy to copy?
  • How can you protect the idea or service?

• Your costs
  
  • How much does it cost to make the product or produce the service?
  • What other business costs do you have?
  • How much money do you need to start?
  • Do you have access to funding?
  • When will you make a profit?

• Researching
  
  • Read the news paper and watch the news.
  • Look for a trade association.
  • Go to the library.
  • Look at/Go to your competitor’s products, websites, locations, etc.
  • Search Google.
  • Chambers of Commerce.
  • Small Business Association.
  • Surveys.
  • Use published market research such as Gartner Group or IDC.
  • Ask specific questions to friends and family. (And on the forum.)

The whole goal for this was to encourage individuals to first answer these questions on their own, and then hopefully have specific questions to add to the forum that may increase the overall quality here. This isn't an exhaustive list, but I hope it helps add a little more quality to the forum.



Obviously, if anyone has anything to add please do.



Cory

Hey Cory,

I had not seen this thread before, probably because it was posted before I knew about this forum.

I have to say WOW your post is amazing! Maybe your thing is teaching people to be organized, how to plan etc.

Seriously to me it is impressive, you have some skills my man.

I will start posting the link to this thread, maybe we all should do that.

[Whole Paradigm]

I appreciate that Patrick,

Trying my best to add value to the forum, gain rep, learn, etc. Trying to do my part and help others do the same.

Cory

[PatrickP]

Well I think that is the foundation of a successful business right? Help others solve a problem they have.

As you say most people don't do a business plan or they don't do it properly because they don't know how.

Maybe that is something YOU can provide?

[Whole Paradigm]

I like to bump this from time to time for the new guys.

Have a good one.