Failing to conduct market research on your business idea can derail your success as a women entrepreneur.
|Réka Barabás, director of BGV Cleveland|
Photo credit: Heather Mariano
Thanks for checking back in with us to hear more from Réka Barabás, director of Bad Girl Ventures (BGV) Cleveland. If you missed, “Being a Bad Girl Pays: Part I,” we discussed the benefits of the program and how mom entrepreneurs are successfully completing the program and building profitable businesses.
Today, we’ll continue our discussion with Ms. Barabás In this segment, she shares how women entrepreneurs can position their businesses for success.
What are some general reasons BGV rejects applicants?
BGV primarily rejects applicants for two reasons. The first reason is not having conducted enough research on their businesses or ideas. Secondly, BGV rejects those who do not demonstrate the passion, skill and commitment to build a successful business.
“BGV is not an idea competition,” says Ms. Barabás “If the applicant doesn’t know at least vaguely how much it would cost to produce her product or the competitive landscape of her market, then she typically will not qualify as a BGV finalist.”
BGV looks for the right combination of the business idea and the person behind it. “The organization selects candidates who demonstrate a strong combination of the ‘horse and jockey,’” she says.
According to Ms. Barabás a person who holds good management and entrepreneurial qualities is more likely to succeed with a mediocre idea than one who has a great idea and lacks strong management and entrepreneurial skills.
Can rejected applicants still participate in the program?
Ms. Barabás says that applicants not selected as finalists can choose to reapply later or participate in classes as students.
Both male and female business owners are welcome to participate in BGV classes as students. Students aren’t required to submit applications and can enroll in classes at any time. You’ll simply pay for classes a la carte or the full course. “While students aren’t eligible for the business loan, they will benefit from the course material and networking opportunities,” says Ms. Barabás.
What advice would you give women interested in becoming business owners?
Ms. Barabás suggests women entrepreneurs take time to gain confidence about their business ideas.
She advises business owners to conduct target market research to determine if an actual need exists for their products and services. “BGV sees business owners try to create their ideas in a bubble without testing it in the market,” she says. “This is a sure recipe for failure.”
She also recommends business owners “be flexible and open to not only testing the market response, but also taking that feedback to tweak the idea so that it’s more desirable by your target audience.”
The Mommylancer Mojo Tip: Knowing the competitive landscape of your market can be the deciding factor in the sustainability of your business. Research your market and position your business for long-term success.
Women entrepreneurs - looking for business funding and networking opportunities? Submit your application TODAY to participate in the Cleveland Spring 2013 BGV course and compete for a $25,000 low-interest business loan.