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7 Common Myths of Student Entrepreneurs
Dave Jarman. Head of Enterprise & Employability
#1 “If I share my idea someone will steal it.”
#1 “If I share my idea someone will steal it.”
• If it is that obvious a good idea and that easy to do – its either been done or is not protectable
• Most people are busy with their own plans• If its genuinely original, most people will think
you’re mad• Ideas never appear fully formed – they iterate
and pivot – sharing and getting feedback is the fastest way to reach an idea that work
• Its more dangerous not to share.
#2 “I can patent an idea, right?”
#2 “I can patent an idea, right?”
• No. A patent requires a novel process – you have to know how to do something. A concept or idea cannot be patented.
• Patents are expensive (£2500 upwards), geographically limited, and force you to describe your method.
• Patents are only worth it if you have the lawyers to defend them for you.
• Speed to market and good networks of trust are your best defence.
#3 “We have no competitors.”
#3 “We have no competitors.”
• Look harder.• There will be alternatives that solve the same
problem in different way.• If you’re right, and there is a gap, how will you
protect it once you’ve revealed it?
#4 “We need an investor.”
#4 “We need an investor.”
• 9/10 businesses never take equity investment• Friends, Family, Fools• Loans/debt over equity• Organic growth/pre-orders/crowd-funding• Investors are useful:– When you need to move really quickly to capture market
share– When they bring expertise and connections
#5 “We need £1500 to hire a web developer”
#5 “We need £1500 to hire a web developer”
• What can you build and test to prove your concept before you spend anything?
• Build a: FB page, WordPress site, Weebly site, Doodlepoll, IdeaSquare – get feedback before you spend money
• What assumptions about your product have you made that you can test? That evidence will either pivot your idea or provide sound reasons for investors.
#6 “Our market segment is students.”
#6 “Our market segment is students.”
• (see also: “my market is everyone”)• Marketing to big populations costs a lot of money.• Marketing an idea for free to friends is totally
different to selling a product to strangers for money – there is a cost to sales so narrow your target.
• Drill down to a specific segment – by location, by interests, by behaviours… helps identify USP and target marketing spend
#7 “It’s me against the world.”
#7 “It’s me against the world.”
• The myth of the lone entrepreneur is the single most damaging myth of entrepreneurship.
• Why will no-one join you? Investors back teams…• No-one has all the skills and know-how• The business community is actually pretty friendly
and keen to see the next generation do well.• There is tonnes of support out there.
Key Tests
• Explain it in one sentence to a stranger• Explain how it solves a real problem that real people
face that costs them real money• Get positive feedback from a stranger without
explaining to them what it is and how it works• Sell more than 20 to strangers• Can you make a profit and pay yourself minimum
wage for production/marketing/admin as well?
We can support you!• www.bathspa.ac.uk/bathsparks• Workshops (Wed 2pm-4pm,
Newton Park)• 1-2-1 advice• Resources (Pinterest)• Events and activities• Social Media:
– Facebook.com/bathsparks– @BathSparks
Create it Challenge
• 60 second video + 600 characters
• Test your idea, get feedback!
• £100 to be won by the most popular and creative ideas
• Deadline 16th Novemberhttps://bathsparks.wazoku.com
“The best plan (for would-be entrepreneurs) is always to choose a business idea in an area where
they have a genuine passion, rather than something they suspect could make money, but where they have no personal expertise or track
record.”
Mike Southon – The Beermat Entrepreneur
What should you enter?
What should you enter?
• Solve a problem, or…• Fill a gap in the market with something
innovative• Has to be valuable to your customer
• It doesn’t necessarily have to be original…• But has to work better than the alternatives.
Creating Value – the value proposition canvas
Evaluating IdeasFor an idea to be valuable it has to:• Have impact
– Right customer– Creates value
• Be feasible– Good product/service– Good team
• Finding the sweet spot• Finding something that is
feasible for you and unfeasible for anyone to copy is even better!
Facing Failure
• 90% of start-ups fail: Top 4 reasons– Made something that no-one wants– Ran out of cash– Didn’t have the right team– Couldn’t compete
• The trick is persistence; most successful entrepreneurs have failed multiple times
Facing Failure
• The more ideas you have the more likely you are to find one that works
• Test it early and test it often (with your audience)
• Involve others in the design and development• Get ready to pivot• Think big, act small, fail fast.
