http://www.dallasnews.com/business/small-business/20110713-why-did-this-dallas-entrepreneur-turn-down-a-bank-loan.ece

Have a idea and need feedback?

Not sure how to launch your new idea?  Recently launched a startup and are unsure of the next step?

Chris and I are available on Tuesday to visit with you and answer your startup questions.

http://bootstrapdallas.com/2011/04/open-office-hours-with-dillon-5s-tiffany-sunday/

Have an Idea?

Considering Launching a Tech Startup?

Check out Startup Weekend!

http://dallas.startupweekend.org/

Incubators and Accelerators are great resources; however, they are limited on how many new startups they can accept each session.

Startup Minute evolved from our concept last year that we started developing – Startup Brain.

Twice a month, I will post office hours for startups to reserve a time slot.

For more information about Startup Minute –http://dillon5.com/our-services/startup-minute/

Ms. Sunday’s speech will include: how to develop new products on a lean budget without sacrificing quality, how to make innovation and risk taking work for you and how new technology will continue to impact your business and ways you can benefit from it.

http://www.ewomennetwork.com/chapterHomePage/chapterEvent.php?chapterCode=TX105

http://www.projectinnovation.net/

Product Development

“Why” Questions

• Why am I starting this new business – income or hobby?
• Why do I believe there is a need, gap or problem in the market place?
• If your startup is solving a problem, is the problem large or small?  Will end users pay money to solve the problem?
• Look at the roots of your idea and how the idea was generated?

Market Questions

• Is the market new or established?
• How large is the market?
• How many competitors are in the market place?
• If the market is saturated, how much money will it cost to convert existing customers to your new product?
• Can your company grow and make money in this market?  Do you need to consider a different market segment or positioning?

Customer Development

Myth of “No Competition”

• Your startup may not face direct competition; however, businesses or consumers can always select a reason not to purchase your product.   Instead of purchasing your product, the end user can select an alternative or substitution.

Sales and Marketing

• As a new business you must generate end user demand.  Many startups believe that once the product is launched customers will immediately visit their website.  Wrong.   Morgan Stanley predicts a faster ramp time in mobile technology as compare to the desktop resulting in new competitors and market clutter.
• As a startup, your product must have a very strong differentiating feature to stand above the market clutter and competition.  Social marketing can be a great tool; however, as a business owner you must constantly be promoting your business online and in-person.  If you are not a sales person, then find someone in your company that can sell and build product awareness.
• If your startup web app is receiving a large number of page views; however, none of these viewers have purchased your services – there is a problem.  Review from different perspectives to determine the root of the problem and then fix the problem.

Network

• Successful startups have strong personal networks that reach beyond their core area of expertise.    Keep in mind to network beyond your tech community, when launching a company as you will need a good accountant and lawyer along with marketing and sales support to build a solid business.

Critical Details

• Many startups focus on the core part of the business and fail to maintain accurate books and records.   Make sure you are timely in your State and Federal filings and that your startup has a good accountant and bookkeeper.   Set up a simple and efficient filing system early and maintain the system to prevent problems in the future.
• Tax time is not the time to be hunting receipts or wondering if your startup kept documentation.

The article can be found online at the link below, following an excerpt:

Breaking bad habits early is the key to success
In sales solicitations, the caller must earn trust by offering something first
An old Chinese sage once advised his followers “to deal with the big while it is still small.” Many times businesses focus all their time and money solving the big problems without allocating resources to catch the “small before it is big.” The small problems may be bad habits that the business has developed through years of operation.

Like people, businesses can fall into unproductive habits, without you or your employees realizing that the company is repeating the same task or marketing plan over and over. The herd mentality takes over, and no one has realized that the task being performed has lost its effectiveness.

To prevent bad habits from occurring at your company, step back and look at your business with fresh eyes. For a moment, pretend that your business is owned by someone else. Has the business developed unproductive habits that no one sees? If a stranger walked into your place of business what would they really see? What do you think their comments would be?

Do they see that you spend hundreds of dollars each month for advertising in the Yellow Pages, yet the majority of your business is generated from word-of-mouth referrals and your company Web site? Do you spend money on office supplies that no one uses, yet think you may need them just in case? What does your company really do and what resources do your employees truly need to maintain and grow the business? Is your company missing a new way to perform its services, market its products or provide higher customer satisfaction, yet these topics are not discussed because of unproductive business habits and inadequate internal management systems?

Read More Online at at the Dallas Business Journal web site