Hi Friend,
Being an entrepreneur usually means you're interested in starting something new that solves a problem in a way that hasn't been done before. How do you know your idea will work? How big or small should you go? This week's email addresses these questions and more.
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"To get an accurate indicator of commercial viability, don’t ask people if they would buy — ask them to buy. The response to the second is the only one that matters."
- Tim Ferriss, American entrepreneur, author and podcaster. -
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How to Test the Feasibility of Your Business Concept
Your first step on the journey to launching a product or service is to test it.
Testing your concept will allow you to find out what the market genuinely wants, and you'll get an idea of what they are willing to pay for it. You'll have far higher odds of success, or you'll save yourself from wasting the resources that you would've spent developing and launching.
To get started, here's a guide to help you test the feasibility of your business idea.
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Why a Focused Business Plan Is the Fastest Road to Success
Are you an entrepreneur who isn’t dreaming of dominating a market?
Probably not.
Usually, those of us who think of ourselves as entrepreneurs decided to do what we’re doing because we want to make a difference, change the world, and be a leader.
Those very admirable, lofty goals usually find us dreaming big, with lots of product ideas.
While the temptation to start your big dream with a broad set of offerings might be great, we’d like to present you with reasons why we believe an initially focused single-product offering is a faster path to success.
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Goodies from the Archives
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You Don’t Have a Business Until You’ve Sold to Strangers
“Will the dogs eat the dog food?” This rather crude expression weighs heavily on the minds of all good startup founders, no matter how confident they appear. We all know the products they give away and the ones purchased by family and friends don’t count. The real milestone, proving the business model, is the first product sold for full price to a total stranger.
Keeping your laser focus on that first real customer is something you should do from the very beginning.
Here are seven principles to follow that will help you achieve this all-important milestone.
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The Elevator Pitch: Your Ticket to the Top
Every entrepreneur needs a convincing 'elevator pitch,' so named because it is the pitch you give if you happen to step into an elevator with the investor of your dreams. The elevator pitch is a well-rehearsed snapshot that conveys the essence of your business plan in 30-60 seconds.
Wondering if your elevator pitch is covering all the bases it should? We've got just the guide for you to help you refine or create an elevator pitch that will leave the best first impression possible.
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Who Wants a Gift Card?
We all know that the best way to get new business is through word of mouth.
If you know an entrepreneur who could use help with their business plan, pitch deck, and financial model? Please send them to our website and ask them to put your name in the "How did you find us?" field when they contact us.
If they hire Cayenne Consulting, we'll send you a $100 Amazon gift card!
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About Cayenne Consulting
Cayenne Consulting assists startups and emerging growth ventures (including new initiatives at large firms) by developing business plans, financial forecasts, pitch decks, business models, business valuations, research reports, and more.
Cayenne also provides specialty services such as exit and succession planning, grant writing, business turnaround consulting, and strategic planning.
Cayenne has served over 2,400 clients since 2001. Our consultants have prepared materials that have played an important role in raising over $4.3 billion.*
* Note that Cayenne Consulting is not a broker-dealer and therefore cannot raise capital for our clients.
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