How much is my idea worth?
There is just a handful of useful advice an experienced business owner could share with emerging entrepreneurs. Our favourite advice from the interview between NOVELTEA Co-founders and the team at Virgin Start-Up is to know how much your idea is worth. However, stopping here would be a mistake. There’s a second, crucial question.
How much do I need to invest?
Anybody can have a good idea, but only a select few can go beyond the idea. By going beyond we mean knowing how many resources, be it time or money, need to be invested to succeed. It’s basically about being efficient rather than effective. Countless brilliant ideas throughout time never gained their full potential because the founders either did not invest enough or invested too much.
Or, how Vincent put it: “We understood that building this new product category of alcoholic tea blends would require significant financial resources”
For more insights from the start-up life, check our full interview with Virgin StartUp here.