Road test secures business success
16 May 03

Mired in stagnant performance, or worse, in an unforgiving economy, managers must find new markets and develop successful new products in order to grow. Business as usual won't cut it. But how can companies be more entrepreneurial, without risking capital and talent?

In The New Business Road Test, John W. Mullins shows how to road test ideas and opportunities before writing a business plan and improve the chances of winning both customers and capital.

Mullins identifies seven factors that help managers and entrepreneurs differentiate between lucrative and unsound business ideas. The research identifies five traps - ideas or opportunities that look attractive on the surface, but really aren't, which unwary entrepreneurs often fall into, whether in start-ups or established companies.

There are two main reasons why this book, and the homework it recommends, can make a difference:

• Preparing a customer-driven feasibility study gives the entrepreneur a chance to opt out early in the process, before investing the time and energy in preparing a complete business plan.
• For promising opportunities and business ideas, the feasibility study jump-starts the business planning and provides a clear vision of why the venture makes sense - from market, industry, and team perspectives, viewed independently and collectively.

By looking at all aspects of the opportunity, the entrepreneur reduces the risk of entering a venture that simply has no chance. What entrepreneur or manager wants to be the next contributor to the sorry statistics of business failures?

The New Business Road Test, written by John W. Mullins, is published 18 June by Financial Times Prentice Hall, priced £21.99. To order a copy of this book click here.

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