BUSINESS NUMBERS -- the best way to validate your idea
Some customers think using visitor numbers as the initial means of testing the value of business ideas is too simplistic .My idea is to give evidence that using numbers as a basis is not only the best way but the only way.
The BBC . T.V.. program " Dragons den "Allows entrepreneurs to pitch their business ideas to five investors . Although the quality of the pitch and personality of the presenter are important ;
success in the final analysis focuses on numbers ..notice some of the questions the dragons ask the entrepreneurs -
EG: How many units have you sold ?
Have you a sales contract ?
How much profit have you made ?
What is your profit forecast for the next three years ?
How much money have you put into it ?
How much equity are you offering ?
Those entrepreneurs who roll out the figures without hesitation get the dragons attention and greatly increase their chances of getting funding.
Whenever businesses are assessed/audited at whatever stage of developement the results are centred on numbers.
The "numbers game" is a fundamental part of life : for example much of our conversation involves numbers; we tend to make sense of life from information we gather ,this often requires answers to questions on numbers . The following are some examples : ------
What day is it ? What time is it ? One egg or two ? Look at the size of this electric bill ! What time will you be back ?
How much are we overdrawn ? Our pension has been increased ! Look at the headlines ! 25%--45% It's down to the number
game at Copenhagen ! When is the car due it's M.O.T ? John's got a new job at $ 65,000 ! The food bill is $ 93 !What's at
number 1 ? How much will our holiday cost ?
Whenever we go out we tend to evaluate what we do or cannot do by how much cash flow ( numbers ) we have ..This can happen everyday of our lives ...
Almost all sports test or evaluate the winner by numbers..ie..score in football ; runs in cricket ; time in Olympic games
TESTING BUSINESS IDEAS
It is essential to test ideas before you start building any kind of infrastructure ( read the report in module 1. " 7 steps " which gives the main reasons for this )
This is generally done by surveys ; or using consumer groups or ,if you can afford it pay a market research company. It is important to remember that many businesses fail because the product did not have a large enough market ,or it was too expensive to reach; there is no certainty to surveys because no one can predict how the market will respond--especially with something new.
In the area of advertising /promotion of products and services it is vital to track everything to get the best ROI.This is exemplified by the recent vast increase in CPA companies and the methods used to generate revenue.but in the final analysis numbers are the way the whole industry becomes possible ..take away the numbers ( visitors ; % ; commission; ROI; $ ) And there is no business ! check www.revenueloop.com
For the startup owner with limited resources it can be very difficult to decide at what stage to invest what may be his lifes savings and his friends.
THE IDEAL TESTING SYSTEM
It needs to be offered to a world market ( this has many advantages even if the product or service is aimed at the local area )
It needs to be " on the fly " ( In real time ) .
The idea must be tested for some time with big numbers of recorded visitors to give the results real value .
It needs to be free so the entrepreneur can try many versions of the idea to find the best response.
If the idea is evaluated by the number of visitors it receives the results are in simple number form but this numbers game is how all humans tend to be validated commercially . It's -- WHO GETS THE MOST VOTES WINS .
THE INTERNET - the digital net work ..
The whole basis of the internet is--" 0" and " 1" .most business dicussions are about numbers ... You may have heard some ask " What is your ranking in Google ? "
Numbers dominate when assessing viabilty of ideas ,there is no alternative...
humbird www.testmyidea.com - test your idea - save time and money .
To see more noteworthy ideas, please visit : http://www.testmyidea.com
Questions and Answers
here must be millions of ideas out there. However, rarely do they get progressed and most of them just remain thoughts in someone's head. One way to find all those ideas is to search on the thousands of websites. And to make it easier for you to find them, the ideas can be listed in one site that acts as ideas bank. But why bother? What are those ideas for anyway?
Yes you can "steal" or ideas ..but you must have written permission from us ..this ,in part ,for your own legal protection.
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