Enter the Dragon! This week was all about Doug Richard’s From The Dragon’s Mouth all day workshop held in the Great Hall on the Friday. Packed with out will around 100 students that signed up for the Guild’s lead event for their new entrepreneurial program Ignite Doug’s talk was first class. Taking students through the 10 questions that you need to ask yourself when setting up a business Doug analysed the students business ideas as we went making for an entertaining, if not a little daunting afternoon!
Here are the 10 questions Doug set – can you answer them for your business idea?
1. What do we do that people need or want? Are you solving a problem or addressing a need?
2. Who is our customer? Try to be as specific as you can…
3. How do customers find out about our products?
4. What distribution channels should we consider?
5. How much is it worth to the customer?
6. What pricing model should we choose?
7. What kind of relationship do we want with our customers? This is a key question – multiple shallow relationships or fewer deeper ones?
8. Who are we up against?
9. What do we have in common with our industry?
10. What must we be good at? Is there an absolute key skill or service we must be able to do well in order to succeed?
An excellent and opener to the amazing work The Guild will start with student entrepreneurs at the university. I also had the pleasure of meeting Anne Mari Morris, MP for Newton Abbot, to discuss along with 15 other entrepreneurs how the government can aid small businesses and entrepreneurial young people. Indeed, Morris is actively interested in small businesses, co-chairing the All-Party Parliamentary Group for Micro Businesses. An excellent chance for Exeter students to engage directly with elected members of the government on a whole range of issues. Arising from the meeting was a unanimous determination to get entrepreneurship to the minds of young people at college, encouraging them to enter university with business ideas rather than waiting to finish their degree to come up with ideas!
It was also great to see Ed Vickers of Jollie Goods at the meeting, one of the University of Exeter’s top social entrepreneurs. During his first year biology student Ed set up a “wear a pair, share a pair” social enterprise helping provide socks for homeless people. Having worked in homeless shelters in London Ed realised that foot hygiene was something that was essential for living rough on England’s streets, yet many homeless people used their money to buy food rather than look after their feet. With this as his mission Ed received an Innovation Centre grant to help develop his product, business model and marketing strategy. I am proud to say they are now selling strongly throughout the UK, helping Ed to deliver fresh pairs of socks to homeless people across the nation!
Here at MGR Music Tuition LTD things moved along nicely this week, with application for teachers on the Guitar Lessons Bath and Singing Lessons Newcastle websites. While the Guitar Lessons Northampton website was finished and I have been busy adding the final touches to the national website! It will be an exciting few months. I also have the exciting news that I will be going full time in early June to work on MGR Music Tuition! If you have a business idea before then make sure you drop me a line at [email protected]!