LACK OF DIRECTION, NOT LACK OF TIME, IS THE PROBLEM

Renowned motivational business coach Zig Ziglar once said: “Lack of direction, not lack of time, is the problem. We all have 24 hour days.” 

How true this is. No matter how many times we complain about a lack of time, it’s important to remember that we’re no more disadvantaged than the next man. It’s what you do with your time that counts.

It was with this sentiment in mind that the prestigious University of Southampton Science Park’s early stage business accelerator, Catalyst, was conceived.

With a proven formula for success, the businesses that enter the programme benefit from working alongside a non-competitive but complementary peer set, coaching on business fundamentals, access to a beneficial network and, importantly, an environment to really focus on their business. For many, this is the first opportunity to work on their business, not in it. They will be put through their paces and challenged but it will set them on the right journey to success.

So, here’s my Catalyst challenge to you!

If you have a new business proposition, I challenge you to find 24 hours and use it to focus on your business by asking yourself the following 12 questions.

Section 1: Your Product 

1. What are you selling? (Is it technology, a product or a solution?)

2. Does your technology obey the laws of physics? (Is it possible?)

3. Is your technology differentiated and protected? (And how?)

Section 2: Your Marketplace 

4. How well do you know your market? (And where are your knowledge gaps?)

5. Who will make the decision to buy your product? (Specifically)

6. What is your route to market? (How will you reach these people?) Who is the competition? (Beware thinking there isn’t any!)

Section 3: Your Leadership 

7. Do you have the communication skills to articulate clearly the essence of your business?

8. Do you have the leadership skills to lead your business? (If not, who else do you need?)

9. Are you happy forcing yourself out of your comfort zone? 

Section 4: Your Growth Potential

10. Can your business make money while you sleep?

11. How can you grow your revenue? (Do you have ideas for follow-on products or spin-out companies?)

12. Is your business resilient to cultural/technological change?

If this exercise doesn’t focus the mind, then perhaps it’s time to give up on it today. Wake up with a fresh pair of eyes - and another 24 hours ahead of you - and see just what you can achieve tomorrow.

If you have a pretty good idea about how to answer most of these questions then the chances are you’ve got a start-up that’s worth spending some time and focus on. Consider applying for the Catalyst Accelerator for the help you need to get you started on your journey. Applications are now open for 2019 with introductory days taking place in September.

APPLY HERE: https://www.science-park.co.uk/grow/start-up/catalyst/fast-track-your-business-idea

Catalyst Accelerator Programme for tech start-ups. The fully-funded 6-month programme begins at the end of September with introductory days in September 2019 and is being held at the prestigious University of Southampton Science Park.