START-UP ADVICE

MAKE IT
INTERVIEW
FROM BRAINWAVE
TO BUSINESS
- WHAT TO
CONSIDER BEFORE
CONCEPTION
Xenios Thrasyvoulou http://www.peopleperhour.com/
Starting a new business is like beginning a new
journey. You have to have your route mapped,
your itinerary planned and your bag wisely packed.
But it isn’t as easy as just setting off. You need to
be prepared, lay your foundations and make sure
your project has all the qualities of a keeper before
you start out. When I created PeoplePerHour, it was
a completely new idea, but not all enterprises are
brand new so by putting your product on the market,
you’re not only on a journey... You’ve entered a race.
So make sure you’ve considered these 5 steps before
jumping in, and you’ll ensure you finish in pole
position, and in one powerful piece.
1. Quality - A common misconception of a motive is
that ‘ideas are cheap, it’s all about execution’. It’s not.
Even the best execution of an average idea will get
you nowhere. A brand new concept that’s radically
different is the only way to ensure success. So make
sure you’ve got an unbeatable, quality product to
begin with and you’ll give yourself a head start.
2. Know Your Competitors - It’s not enough to
have the bare bones, you have to have something
full bodied and outstanding, and the best way to
make sure you’re in the money is to know your
competition. Entrepreneurs are well known for
being able to make their idea sound fantastic, we’re
passionate people. But consider your competitors
and make sure your offering outstrips theirs by not
just 10%, but tenfold, and you’ll win the race.
3. Be Realistic - Most businesses began as a
hobby, but then evolved to offer a real solution to
customers, but that’s not the best way to build a
business.The best businesses are those that solve
a problem in a radically different way that creates
step change and disrupts whole industries. If you’re
not at the wheel of a clear winner, then pull over and
rethink, or you’ll find yourself lagging behind.
4. Stand Out - Be the Next Big Thing. Make sure
your product/service stands out, and makes your
customers want to rush home and start raving to
their friends/family about this fantastic new thing
they’ve found! If you’re just marginally better, no one
is going to care. People remember the extremes...
They like to talk about things that are amazing or
things that are awful. Mediocrity doesn’t exactly
make great dinner conversation.
5. Shelf Life - Does Your Product Have Longevity?
Even if you can successfully win that customer base,
say you cracked something others didn’t. Is a 10-20%
value add enough to keep bringing them back? And
for how long before someone comes up behind you
with a product that beats yours? Marginally better
isn’t going to keep the engine running.
It’s a tough track to take, but setting off needn’t be
nerve-racking. Just pack your product wisely, fill up
with the finest ideas and you’ll finish in first place.