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Getting started with your initial business ideas.

posted 29 Sep 2010, 01:06 by Adrian Chye   [ updated 9 Dec 2010, 00:48 ]
Like Roderick, I have already been approached by a few teams to give my thoughts on some of their initial business ideas. Yes, I do see early preparations more as enthusiasm rather than kiasuism too. In the coming months, I will be sharing with everyone on some of the relevant advices I have given to the teams. This is to allow all of us to learn together.
 
I do noticed that there are more and more internet-related business ideas which involves setting up a website and marketing their respective product/service online. For such business ideas, due diligence is extremely important at this stage, so please spend some time on it. Below is a simple guideline to get started. before we meet officially (for Batch 24) for the first lesson on 23 Oct 2010.
 
Understanding your Direct and Indirect Competitors
1) What is the background of the Management Team of your identified direct and indirect competitors?
2) Using figures and numbers as benchmark, how successful are they?
3What is their business model? Are they profitable? How similar/different are yours in comparison?
4) All the above form a small part of what we would call a feasibility study. This is an extremely important step to any new venture creation, before we even talk about business plan writing. If it is a feasible business idea, then you want to know how profitable it is. If it is clearly not a feasible business idea, everyone should not be spending anymore time on it.  
 
Once you have done your research on the above, here's some of the issues you should be working on next
1) In most internet businesses, one of the biggest question is how to have the first pool of "users/members/players/visitors", so that you will not have 5 - 10 of them surfing your website on your launch day. You have to formulate a strategy for this. What is it?
2) What are the key milestones set for this new venture?
3) How competent is your existing Team to kick-start, manage and sustain this business venture? Do you have to outsource many of the work to external parties?
4) How soon can you meet the key milestones you are setting for yourselves?
 
I listed the above points so as to ensure that you are going in the right direction, before we meet on 23 Oct 2010. In my first lesson with you, I will be covering many of the topics mentioned above and even offering some means on how you might approach these issues. For those of you who have done the above, and would like to speak to me before our lesson on 23 Oct, you can email me at adrian @ media-freaks.com

All best.

Kind regards,
Adrian Chye
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