At Smarta, we love Sir Richard Branson for going the extra mile and always sharing his journey along the way. The flamboyant entrepreneur manages to ignite our passion with his wisdom and his unbelievable success story.
So with that, we thought we would look at some of Richard's recent advice.
I suppose we could call it the Richard Test as that's what Richard himself called it in his recent blog post. It is a very simple test that Richard will use before ever considering an idea for a business venture.
The test is this. If the idea cannot be explained in a matter of minutes clearly and concisely it probably, according to Richard, is not worth the bother.
A good idea should be able to fit on the back of an envelope and be explained within a few minutes. Anything else is likely to bore customers before they ever get excited about it.
Good advice from Sir Richard. “If a concept sounds too complicated to me, it will probably be too confusing for the consumers.”
So with that advice make sure you get your thinking cap on. If your idea is confusing it will confuse your potential customers too. Be straight to the point and don't over complicate. There are a number of ways to discover how you can transfer your idea into a startup business.
Check out this article that proposes a series of questions that are very useful to help explore any business idea. This will force you to think through some of the most basic elements of a business plan and help you create a great business concept statement.