inside FEATURES


The entrepreneur’s guide to success


ByALISON EDGAR, managing director of Alison Edgar - The Entrepreneur's Godmother


E


ntrepreneurship in the UK is at an all-time high. In 2015 circa 600,000 people took the leap to start a business and become their own boss. TV shows like ‘Dragons’ Den’ have created a thirst


for people with great ideas to turn their pipe dreams into life-changing reality. But is it really that easy? Sadly, according to Forbes Magazine, 90% of all start-ups fail. One of the main reasons is that although the creator thinks it a great idea, no one else does. If your goal is to bring a product to market, you


must do your research before investing too much time and money, to see if there is a demand for what you are creating. Although family and friends can provide


feedback, they may be biased. It’s best to go to a wider audience of consumers who are your target customers, as this will give you a real insight to some very important information. Would they would use your product or service? How much they would pay? Where they would buy it from? What are their general shopping habits? The answers to these questions will help you structure and formulate a strong business plan, which is at the heart of all successful companies. It also gives you an idea of what to charge for your product, which is one of the most common confusions for budding entrepreneurs. If it costs you £10 to make your product, and the market will only pay £5, it’s good to know that at the start of the journey.


Alison Edgar, The Entrepreneur’s Godmother


BUSINESS SKILLS


22 insight SEPTEMBER/OCTOBER 2016


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