History is full of examples of visionaries that were developing concepts ahead of their times. It is important to position yourself in the right place and time to allow an idea to take root and grow. Even Leonardo da Vinci, notable Renaissance figure, ensured that he was in the hub of art, architecture and science at the time to surround himself with influential people before he made a name for himself. Likewise, Texas has been viewed as a favorable place for entrepreneurs because of lower taxes, higher access to loans and a strong local economy. And Dallas has been ranked as the #2 city in the USA for starting a small business by CNBC in 2015.
Knowing Dallas is a great place to incubate a small business, you can now really evaluate the specifics of your business idea. Look at our Tools for Concept and understand the research that can go into seeing how to judge if your idea can be productive in the local area.
The following are 5 factors of evaluation that can help you understand where your business ideas will have the best probability of working based on demand for your concept.
1. Set your financial and personal goals for the business
2. Find out if the idea meets a market need
3. Measure the size of the market
4. Check on the industry’s attractiveness
5. Find out if you can make money with this business model
The Tools for Concept are designed to help minimize some of the key reasons businesses fail like lack of planning or capital, poor location, or premature scaling.
For a better understanding the B.R.A.I.N. Business Foundation Series allows for in-person discussions and guidance on the following topics:
• Business Planning
• Proof of Concept
• Market Strategy
• Introduction to Market Research
• Legal Structuring & Financial Statements
If you are interested in coming, check out our calendar for when the next event will take place.
Remember that many successful entrepreneurs failed before launching a successful business. Interestingly, Milton Hershey, one of the most famous names associated with chocolate, tried and failed to start 3 different candy companies before successfully starting the Lancaster Caramel Company and Hershey Company.
With that in mind, take the initiative to understand what is happening around you and where you will consider doing your business so as to improve the chance for success whether this is your first time try to start a business or not.