business idea dashboard

Sectors Skills Needed

Overview Demographics The Team Sales & Marketing Finance & ResourcesMarket Research

Summary

Which key skills do you require to execute your business ideaIn which sector would you place your potential new business

Business Idea Dashboard June 2014

Education

AgeGender

How old are you?

To what level is your

education?

What is your gender?


Summary

33%

8%13%

46%

Postgraduate university degree

University doctorate

Didn't really go to school at any level

High School

Post high school vocational training

Undergraduate university degree

49%51%Female Male Other

26%

44%

15%

10%5%Up to 16 17 - 25 26 - 35 36 - 45

46 - 55 56 - 65 65+


Motivation Industry Experience

CapabilitiesTrack Record

What is the primary reason

you are starting a business?

How many experience do

you have in the industry in

which you are starting?

Which of the following resources and capabilities do you or your team posess? Leadership, Sales, Marketing, Operations, General Management, Technical and/or specialist knowledge

To what extent have you previously

been involved in a startup business?

16%

39%11%

13%

18%3% I don't want to work for

someone else

I have always wanted my own company

I have seen a gap in the market

I want to build wealth

I want to capitalise on an idea

Other


Summary

31%

18%26%

10%

15%None 0-2 years

2-5 years 6-10 years

10+ years

56%21%

21%3%

None

I have worked for a start-up business

I have run my own business

I have run more than one business

Don't know

3%

28%

38%

26%

5%1 or 2 of the capabilities

3 of the capabilities

4 of the capabilities

5 or more of the capabilities

None of the above

Don't know


Customer Needs

Customer Development

Market SizeMarket Trend

What would best describe the customers needs for you

product or service?

How will you gather and incorporate

feedback from potential

customers?

What is the total annual size of your

primary target market?

To what extent is your primary

market growing?


Summary

62%13%

5%3%

3%15% Under £1M £1M - £10M

£10M - £50M £50M - £250M

£250M+ Don't know

13%

54%

18%

5%10% Rapid growth Steady growth

Intermittent growth Low/No growth

In decline Don't know

31%

33%

10%

15%

5%5%

Customer has not yet recognised the need for your product or serviceCustomer uses alternative solu-tions that are adequate but not perfectCustomer has recognised the need but has not yet allocated a budget for itCustomer has the need and the money for it and competition is limitedMany similar solutions are already available to the customerDon't know or unsure

21%

26%31%

13%

10% Working directly with a real cus-tomer or a group of customers

I do not have one

Speaking to friends, family, col-leagues and others close to me

Carrying out online surveys

Desk/web based research


How frequently will your

customers make repeat purchases of

your product or service?

How clear are you on who your next 3

customers will be?

How do you intend to

promote your product or

service offering?

How are you going to sell

your product or service to potential

customers

Revenue Streams Selling

MarketingMarket Channels


Summary

14%

6%3%

69%

8%

Word of mouth (e.g. face to face recommendations or social media)Advertising (e.g. Print ads, radio, television, billboard, Facebook, Google)Personal selling (e.g. sales ap-pointments, online sales demo's, telesales)Public relations (e.g. Newspaper and magazine articles/reports, TV and radio presentations)Direct Marketing (e.g. mobile messaging, email, fliers, letters)A combination of a number of the aboveAll of the aboveDon't know

36%

13%

44%

8%Selling directly to customers

Using intermediaries such as dis-tributors and retailers

Online via the Internet

Combination of two of the previous options

Combination of all channels

Don't know or unsure

33%

33%

13%

3%18%

I have some idea as who they could beI know who they are likely to beI know who they are and know the key decision makers I need to speak toI know who they are, who the key decision makers are and already have a relationship with themI am already in discussions with themDon't know who my next 3 big customers will be

13%5%

36%

44%

3%One off purchase Rarely

Sometimes Frequently

Don't know


Profitability Timescales

FundingProtection

What kind of profit margin will you make on the product or service you

sell?

By when do you expect

your business to become profitable?

How much financial

investment, if any, is required

to start your business?

How will you protect

yourself from competitors?


Summary

28%

49%

18%5%

High Average Low

Don't know

30%

9%42%

12%6%

Cannot stop themOffer lower pricesCreate a dependency for the customer ensuring they only buy from you (eg razer blades or printer cartridges)Create a strong brand and pro-tect it (via copyright, trademark, design rights)Have a patent or exclusive licensing agreementDon't know

4% 9%

30%57%

More than £1 million

£500,000 to £1 million

£100,000 to £500,000

£10,000 to £100,000

Less than £10,000

Don't know

18%

3%

46%

18%

13%3%More than 3 years

Between 2 to 3 years

Between 1 to 2 years

6 months to 1 year

Less than 6 months

Don't know


What Stands Out?

GROWTH SECTORS Health, Education, Retail

JOBS OF THE FUTURE? Marketing in Health industry or Education sector?

WOMEN MATCH MEN 51% Male, 49% Female users

EDUCATED ENTREPRENEURS Almost 80% have at least an undergraduate degree

MOTIVATED BY FREEDOM & CONTROL Over half either always wanted own company or NOT to work for someone else

LIMITED EXPERIENCE Almost half have NO experience in sector AND in any kind of Startup environment

MICRO AMBITIONS Over half the ideas have a TOTAL market size of $1m. Over half need less than $10k to fund their idea

NOT ENOUGH CUSTOMER FOCUS 57% are gathering market feedback from friends/family or not at all. 66% are unclear on who their customers will be


Summary

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Flashback by Joshua C. Harris from The Noun ProjectEarth by Thibault Geffroy from The Noun Project

Graph by Mister Pixel from The Noun Project

Team by Björn Andersson from The Noun Project

Graph by DEADTYPE from The Noun Project

Research by Brennan Novak from The Noun Project

Credits under Creative Commons

Data collected via the revised Rapid Idea Evaluation AppSample size: First 100 Users, Date: June 2014

Geographical analysis completed with ZIP codes and/or IP Address

Methodology
