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Help for Entrepreneurial Class Project

    • 2 posts
    June 24, 2014 6:06 PM EDT
    I am currently in a class where the main assignment is for groups to come up with an idea and go through the process of creating a start up company. Part of the assignment is for the groups to get real world feedback on their ideas to help them refine and better shape their ideas. I am asking anyone on this forum for their input on my group's idea and any feedback, positive or negative to help us complete this project.

    Here is our idea:
    Basically it is a website that allows entrepreneurs and investors to get help with their ideas by matching them with engineers, designers, business experts or any or professional service they might need. The hope is to build a community sort of like mosaicHUB.com where people without the resources can make connections with professionals to help them grow their idea.
    The second half of our group's idea is once the person is able to acquire the professional advise, they could turn around and use our site to help fund their project. We are interested in the new crowd funding for securities law that has been passed, and we would like people to be able to invest in these projects and get stock in return. Currently the bill is still stuck with the SEC, so we might need to change our thinking on this aspect.

    If you have any input on our idea it would be greatly appreciated. Any feedback is welcomed. If you do reply, I ask that you state your background just so I can get a feel from where you are coming from.

    Thank you for the help!
    • 2 posts
    June 24, 2014 10:16 PM EDT
    Hello!

    I have a couple of thoughts that you may find helpful about your project.

    First off, I would suggest you narrow the scope of your idea considerably. So instead of a site that helps entrepreneurs connect with professional resources, make it more like a particular type of entrepreneur connecting with a particular type of professional resource.

    Online Startup connect with Online Marketers

    Retail Store Startup connect with Retail Consultant

    Online Marketing Startup connect with SEO Experts

    I'm not saying you need to choose these categories, but by focusing in tighter on the target markets you will be building this business for, your efforts will go a lot further. It's almost impossible these days to start a new business as a generalist and you are going to hurt your chances of survival if you don't drill down more.

    Don't forget that with these types of businesses, you need to attract two types of customers: the ones looking for the expertise and the ones willing to provide the expertise. Each group will have totally different expectations from you, so be prepared to figure out how you are going to attract both types of customers in order to be able to provide a valuable connection.

    Speaking of value, how does your business charge for the value that you provide? If you don't already have a revenue model, you're going to need to think that through as well.

    Best of luck!

    Mark Bebout
    • 2 posts
    June 25, 2014 1:33 PM EDT
    Thank you for the reply. Our group was thinking about focusing on connecting individuals with engineers. Based on your thoughts, that where our focus should be.