March 2011
"There are only two lasting bequests we can hope to give our children. One of these is roots, the other, wings." Henry Ward Beecher Jim Bartek (317-614-0792), Business Development Manager of the Purdue Technology Center of Indianapolis ( PTCI ), offered us advice on whether and how to turn an idea into a business. Understanding where your idea fits into the market can help you decide whether starting a business is worth the effort, whether the juice is worth the squeeze. Benefits Who needs help, why do they need it, and how can your business provide them with it? Market share What and who do you need to get your product or service to market? What will keep competitors from kicking you out - a patent or trademark, a high start-up cost barring entry of competitors to the market, or a strong business network? Business model Who specifically has the money you want and how will you get it - many low-profit sales, or a few high profit sales; a