According to Marc Sparks, venture capitalist and founder of the Spark Tank, the most successful business ideas are those that you’re passionate about. That’s only the beginning of course, because the research, analysis, and design work is needed to prove your idea.
Will It Sell?
The Spark Tank is presented with hundreds of ideas every year from hungry start-up entrepreneurs looking for capital, but very few actually succeed. Why? More often than not, the idea hasn’t hit the target. Marc Sparks says entrepreneurs should always stop to fully evaluate the marketability of the idea.
It’s easy to get caught up in the creativity, but throughout the design phase you must continue to evaluate the marketability, because at the end of the day, you’ll still need to answer, will it sell. It’s always a good idea to learn about potential buyers of the product/service. Perform an internet search for consumer spending in a specific product category or demographic to get a better idea of features and benefits you’ll want to include.
What About The Pitch?
Now you need funding to make your dream come true and according to Marc Sparks, your pitch must be informative yet engaging, not to mention, it must reflect the features and solutions your start-up can provide.
Thousands of companies are competing for billions of start-up dollars, and your pitch is the critical endgame. Whether you stand in front of these venture capitalists or submit a proposal, your words must resonate with the board. Powerful proposals demonstrate and stimulate thought. In effect, a well-designed and well thought out proposal is simple and requires no translation. It stands alone as the only instrument needed to sell your idea.
“The fundamental requirement is often the one most missed, and that’s addressing specifications,” says Marc Sparks. Some of the finest applications don’t fully answer what we need.
Eliminating Your Biggest Mistake
Sparks says, Never go with boilerplate material because its simply standardized. Boilerplate is a convenience and serious entrepreneurs don’t need to recycle information.
Lastly, the worst proposals give too much information about the seller’s experiences and capabilities, instead of focusing on problem solving road maps. A powerful proposal is customer-focused and the target is the solutions.
Marc Sparks reminds us, your proficiency is a give but keep in mind so are your rivals, so you must create a competitive advantage and your odds for success will dramatically increase.