Inventive Hedgehog aims for the heights

Mar 6 2008 by Andrew Mernin, The Journal

Top ten tips for entrepreneurs on how to get their ideas off the ground.

1) Be passionate about your idea. Investors like nothing more than someone who is truly passionate about what they want to do and believe in it.

2) Just do it! Sure there is risk and failure involved but with risk comes rewards and failure is the best university you can go to.

3) Start small but think big. Try to build your idea step by step and don't aim too high in the beginning. Ambition is good but you need a healthy dose of practicality.

4) Have a co-founder. Starting a business alone is a daunting task and having a co-founder can do wonders for the times when things are really tough. Besides, if you can't sell your idea to at least one other person, it might be time to re-think your idea.

5) Get a mentor. Mentors are the most underrated resource an entrepreneur can use. They are more valuable than money and experience combined.

6) Network. No business can be a silo and getting to know the right people can be a boon when it comes to chasing new business or funding.

7) Use business support agencies and talk to the council. There is an immense amount of support available from both local councils and regional agencies, so don't be afraid to talk to them.

8) Have a prototype. Whether you are trying to build a software system or a tangible product, having a prototype can be a huge boost to potential investment chances.

9) Refine your pitch constantly. You usually have less than a minute to get investors/customers interested in your idea and constantly refining your elevator pitch can help communicate your idea better.

10) (This one can be controversial) Vapourware is not Intellectual Property. Do not spend far too much time, effort and money trying to protect your idea before you have something tangible to show for it.