Finding it hard to get off the ground

Joseph

I have big ideas and am highly motivated and ambitious. I'm finding it hard to start developing these big ideas - they would require government involvement (contracts) and a large amount of capital.

What is the best way to start, just start making phone calls to people I know in the sector to get their advice on it?

Plebs

If you need a large amount of capital, you'll need to come up with at least 10% of the amount needed. Then you'll need to convince an investor to stump up the rest.

For that, you need to build a good relationship and have a water-tight business plan.

I wouldn't start making phone calls until you have a business plan and you know exactly what your customer wants. Once that is established, you can then start meeting investors, networking and pitching your idea.

Joseph

I suppose I really mean more on the researching side of the idea - to see whether it would really be viable and whether the industry really would take up on it?

Fergal C

Going through the process of writing a business plan, as Plebs recommended would help you with getting that research done. You might find the business plan templates below helpful, I particularly like the Enterprise Ireland one;

Enterprise Ireland Business Plan Template
Score Business Plan & Other Business Templates
Write a Business Plan that Works

Andy_Black

Hi Deaddude,

I've tonnes of big ideas too! The way to get moving on them is to take bite sized chunks.

Is there any way you can build something profitable quickly and for minimal cost?

Investors first and foremost look at your past performance as an indicator of your future potential. There's nothing wrong with trying and "failing" with ideas... you are learning from your mistakes, and there's definitely nothing wrong with getting profitable from day one.

I hope that helps.

Andy

Fergal C

Andy_Black wrote: »

...Is there any way you can build something profitable quickly and for minimal cost?...

That's great advice, it reminds me of a blog post by Seth Godin where he says;

The thing about taking on the biggest giants is that most of the time (so often as to be all of the time if you're willing to do some rounding) you fail. You don't just fail at the end, you often fail long before the end.

From "Don Quijote didn't ship"

Andy_Black

Everyone should subscribe to Seth Godin's blog.
He sends out a nugget of gold everyday straight to your inbox.
His books are awesome too (I loved Meatball Sundae in particular).

Another awesome book is Free by Chris Anderson.

Thanks for bringing Seth up Fergal.

Andy

TheCostumeShop.ie: Ronan

Idea's are great, but an idea on its own isn't worth anything. One thing I learned early on is not to think too big too quickly or assume because an idea is great on paper it will work in practice.

Remember the governments aren't interested in giving contracts to high risk vendors, they want a long trading history and audited accounts to prove their not sticking their neck out and taking a risk... It's like the old marketing cliche: "Nobody ever got fired for buying IBM".

The trick is to start small, prove the concept and then scale it fast.

Cold calling won't work but if you have contacts in the sector, bring them out for lunch and dinners (always get the tab, always). Get their feedback on how the system works and whether you plan is possible is the best place to start alright.

Best of luck with it.