business plans

Business Ideas: Friends Think you have a Great Business Idea? Prove it!

Who has never seduced friends and family with a business idea? Guess what? They’re biased! Your enthusiasm along with the fact that the people you question are influenced by their connection to you means this data is far from relevant. Although many start-ups develop detailed business plans before they launch their business which is of course vital, much of the research done for the business plan is limited. Either limited to secondary or biased primary research. Having a great idea needs to be proven. Moreover it must be proven in a reliable way. Questioning biased participants is not viable and will not aid your product or service launch, if anything it will hinder it as you go forward with your business plan with unreliable and biased figures. A great business idea will not be an instan... »