Validate your Business Idea for a Start-up or Side-Hustle
What you'll learn
- Establish Goals and Criteria for Testing your Business Idea
- Do Market Research on your Business Idea
- Analyse the Data & Validate your Business Idea
- Revenue, Cost and Risk & Strategize for Profitability
- Make an Evidence-Based Decision
Requirements
- Basic English, a little Math, an Internet Connection and an Entrepreneurial Spirit.
Description
Have you ever been in the situation where you have an idea for a Start-up or Side-Hustle that seems just perfect, but you are not sure if you should pursue it? It usually costs money to start and, what if it fails? What if it wasn’t such a good idea after all?
It is often fear of the unknown that keeps entrepreneurial spirits like yourself from starting any new venture that could be personally and financially rewarding. So, wouldn’t it be better to find out first by turning the “unknowns” into evidenced knowledge? Who knows, your idea might actually be the next big thing to hit the market, or perhaps not! At least you will know whether you should tweak your idea or move on to consider a different one altogether.
For the sake of simplicity, we will just refer to your idea as a Business Idea, but it applies equally to a business start-up or side-hustle, formal or informal. Learn how to judge whether a business idea will be viable before jumping in and committing resources you might regret later. This course will teach you and other novice entrepreneurs how to define and research your intended industry and target market, analyze the data and test your business ideas, enabling you to make decisions based on evidence instead of opinion. Strategies for profitability will encourage you to consider how revenue may be increased, costs may be lowered and how risks may be mitigated. Based on the extent to which these strategies could be applied successfully to your business idea, you can now make an informed decision on whether your intended business venture has real potential or not.
This is not a motivational course that tells you that your ideas are unique and brilliant and that you have all the talent and potential to make a roaring success of it. Of course that may all be true, but if it were true for every idea everyone ever came up with, everyone would be billionaires right now! Instead, this course will give you a better platform from which to gauge for yourself because what you know for yourself to be true will either sustain you when you run into difficulties, and as a new business owner you absolutely will, or it could prevent you from pursuing a business idea that never had a chance to start off with!
Who this course is for:
- Novice Entrepreneurs of all ages who want to test whether their Business Ideas will be viable, feasible and profitable prior to committing valuable resources..
Instructor
Laura Powell is the founder and CEO of LGP Eduserv (Pty) Ltd., a South African based company, and is a seasoned veteran of both the formal and informal education, training and skills development industries in Southern Africa. She has trained the workforces of many businesses across various industries as well as individual learners over the years and has designed and developed multiple courses to meet the specific training needs of her audiences. Under her leadership, LGP Eduserve is producing practical, actionable courses that challenge learners to Learn, Grow and Prosper.