Good business ideas need backing when launching

GOOD BUSINESS IDEAS NEED BACKING WHEN LAUNCHING

Good business ideas need backing when launching on the internet the same as any other business idea, as good as an idea may be success is never guaranteed

We appreciate you may not have any business experience but you must have a certain level of commonsense and come to us with an intelligent proposal which should include the following:

Start of article about backing business ideas.

A business plan including profit and loss, overheads, start up costs and financial projections. This doesn't have to be a huge document, just the essential figures needed for our Finance Director to get an idea of how you see the business developing.
A brief outline of the business idea. Don't give any secrets away at this point. We may deem that a Non Disclosure Agreement (NDA) will be required to be signed by all parties. We do need to know what market sector you are looking at.
A statement of financial intent. If you are looking for financial backing, we need to know that you have at least 5-10% of the start up costs to invest yourself. Do not try and mislead us at this point. We take exception to doing a lot of work only to discover that the person we are dealing with was only hoping to raise the money necessary at some point in the future and never actually had it in the first place.
A market research report. You don't need to pay a market research company to carry this out. However, it is not enough to just speak to friends and colleagues, as they will want to protect your feelings and so will rarely be truthful. One way to do your initial market research is to build pages on Utopele and see what kind or response you get through the forum pages. This will give both you and us a clear indication as to whether your business idea has merits. It will cost you a couple of hundred pounds and will be money well spent. It is certainly far cheaper and less time consuming than trying to carry out market research yourself. And if you are not prepared to spend this type of money now, then a career as an internet entrepreneur is clearly not for you.
A brief CV about yourself. We call these lie sheets within the Group. We do check people out thoroughly and many an exaggeration has come back to haunt an applicant. Don't try to impress us. We are not easily impressed and certainly not by the type of information you probably think we are looking for. We work on the basis that if your CV covers more than two sides of an A4 sheet of paper then it is probably bollocks.

PARTNERING NEW BUSINESSES

Personally I am looking for someone who has a track record of never giving in and always being prepared to get back up when they get knocked back. Determined, persistent individuals have a way of winning through in the end. I like people who keep going when it gets tough. If they have the right moral fibre they can be moulded into something useful and can make virtually any business idea work. I can't do anything with someone who has no backbone; it doesn't matter what you do for them, they will never stand on their own two feet and be counted upon when needed.

Build web pages and link them into your website here and drive traffic to your website
Advertise on this search engine and gain more links and get more visitors to your website
Join Boogami Life for free and make money

David on the other hand will look more closely at someone's business skills, abilities, and the potential of the business idea. He will take a more guarded and critical approach to assessing a potential partnership and be looking at the track record of the applicant. David will consider all the facts and make a business decision based on the evidence in front of him, whilst I tend to make decisions based on instinct.

Start your own business

Fantastic business idea

So we have very different ways of coming to a decision, and tend to bounce off each other, respect each others opinions and, nowadays, rarely get it wrong. However, final decisions are not just left to us to make; there are other people within the Group who have an equal say in all the major business decisions that are made. Business, legal, financial, IT and various other departmental directors will all look at any business proposal and air their opinion. Senior members of the Group also have the power of veto if they are seriously worried about a new acquisition or merger or backing of a new company.

It is a mutual respect for each other's abilities and experience that enables this system to work, and we are all prepared to defer to another's greater expertise when making decisions. It has to be said that the success of the Group is very much down to the input made by the numerous people who work with us.

PARTNERS

Having been successful in the past is always a good commendation, but success in the real world is not the same as succeeding on the internet - as many of the directors within the Group can testify. Many joined us having had extremely successful careers before venturing onto the internet, only to discover that it is a completely different world. They joined to access our experience and expertise with the internet and we were happy to have them join because they brought their own skill sets with them, thus adding to our growing number of experienced business people.

We are in fact a group of highly experienced business people with a wide and diverse skill set that enables us to develop and invest in many types of business, because there is normally always someone within the group that will have experience and knowledge about that particular sector. It is rare that we don't have someone on the board who doesn't have some knowledge, but it does happen sometimes and that is why we are always happy to take in new blood.

Bringing in a new partner when backing a new business or helping with a business turnaround opens up a world of other business opportunities for the right applicants. Once on board, should another business opportunity come along, any partner with the required experience and skill sets can be invited to participate. It has to be said that these are exciting but testing times in the current world markets.

NEW BUSINESS IDEAS

I should point out that we get approached by thousands of budding entrepreneurs every year but only take on about one in three hundred. This is not because we limit the number of new companies we back, but because we have a rigorous selection programme and strict criteria where all the boxes have to be ticked.

You are reading an extract from

The Golden Web - The Internet Entrepreneur's Definitive Guide to Making Money Online

To buy your copy click here

Backing good business ideas