By Ben Simmons
The recent economic crisis has indicated that traditional business methods are failing across Britain.
The large corporate organizations suffered severe job cuts adding to the already high level of unemployment. We should no longer look to the large corporate businesses to kick start our economy, but instead the increasing number of start-up businesses and entrepreneurs that are creating a large amount of employment and output within the UK.
With this in mind Marketest developed a strong desire to encourage entrepreneurship throughout the UK, by supporting enterprise in universities and launching their very own Business Start-Up Competition, which gives pre-startups and startups the opportunity to take their business ideas to the next level.
The Business Start-Up Competition aims to support individuals over the age of 18 who have the ability to come up with a new business or social enterprise idea that has real market potential. The participants who enter the competition will be required to produce a concise business analysis on their idea (e.g. development of the idea, USP, competitors, SWOT etc). A fully feasible business plan is not expected, just a general overview of the idea to indicate future success.
Recent research statistics showed that nine out of ten start-up businesses fail within the first five years of trading due to a lack of planning and market research. Marketest understand the importance of reducing this figure, which is why they are offering all participants significant market research discounts and awarding the winner and runner up with £1000 and £500 Tailored Market Research. The valuable market research prize will help transform a vision into a venture in a fun and creative way.
The deadline for submitting an innovative business idea is the 30th April at 11:59pm. Once the deadline has passed the experts at Marketest will internally shortlist the best business ideas before announcing the winner on the 21st May.