3.1 Dilemma 1: building confidence

One dilemma for a new business is that so much is unknown and untested. Yet to get supporters, investors and customers on board they are likely to need more certainty. This is especially so with a completely new or unique business idea.

While passion and self-belief, hard work and persistence are important to make a business work, uncertainty and a lack of evidence that provide others with confidence in your ability to deliver may deter important stakeholders. In other words, you will have to be able to convince stakeholders even before you convince customers. The activities in this course are designed to help you to clarify your ideas and ultimately to create the elements of a compelling pitch, backed by supporting ‘evidence’ for use with those you need to influence to support your venture.

This is one benefit of planning how you will operate. A second is that it allows you to sense check your idea with other people, get their input and advice and thereby reduce the risk of being blinded by your own enthusiasm. For example, an accountant will be able to sense check your assumptions about costs and revenue streams, and basic market research or researching competitor offers will provide evidence and comfort to stakeholders.