Where is your business model?

Many young wannapreneurs and entrepreneurs are submitting their ideas and projects at our competition but one of the features that is lacking these ideas is a clear business model. Most of the submitted ideas focus on the goals they aim to reach and forget to explain how they will reach these goals.

 Which is your business model or strategy?

Before you submit your idea or project, please write down your idea in a Word Document and ask yourself these questions:

• What business model will I follow to implement this idea?
• What methodology or strategy will I use during different processes of implementing this idea?
• Which are the processes I have to go through until the finalization of the idea?
• What means or tools do I need to implement my idea?
• Which are my potential collaborators, investors?

There are many other questions that you should ask yourself as soon as you are convinced that you have a valuable business idea and you decide to implement it. But, ask yourself these questions and then make a summary of everything you have in mind. After you do this, you are ready to submit your idea at our Competition and the probability that your idea will be approved immediately will be high.

IMPORTANT: Remember that even if one of your ideas will be rejected, you can resubmit your idea AGAIN. Maybe you did wrong spelling or your business model is unclear to us, but that doesn’t mean that your idea is not worthy.

If your idea gets rejected, that means you have to improve it and then submit it again.

Photo by Visual Hunt