MYOB provides accounting and payroll software and services to small and medium sized businesses and is a leading sponsor of Startup Weekend events across New Zealand. Here’s what they are saying about how the event cultivates start-up success.
In business, there are few higher compliments than being called a “visionary” – someone with big ideas can create a real-world business application that transforms their company or industry. Being an entrepreneur or running a business means having a big idea and following through. For many aspiring entrepreneurs however, it can be really hard to get an idea out of their heads and into reality. Too many of New Zealand’s great ideas never make it down onto paper or out of the garden shed.
There can be a couple of reasons for this, firstly it can be immensely difficult for most people to accurately predict how an idea would work in practice. When it comes to modern business, industries are often so complex that it’s hard to tell if your business idea would work in the current environment. Secondly, there can be a big intimidation factor in letting a treasured concept or idea out into the world. No one wants to step up and take a risk only to see their idea fail.
The combination of lack of knowledge and the inherent risk is made worse by a lack of ability for people to safely test a business idea or concept. There are no trial runs in business and putting an idea in the field requires an almost total commitment and, very often, substantial financial risks for only the very thin promise of a reward if your idea turns out to be a winner. So for all the business ideas that are tried and don’t pan out, there are many, many more than are never even tried. Ideas that sit in people’s imaginations for years, gathering dust.These never-to-be-used ideas represent a huge number of lost opportunities for our economy. And in the current economy, we need every money-making idea we can get.
This is part of why MYOB has been sponsoring Startup Weekend, a competition in which teams of entrepreneurs come together, pick an idea or business concept, and then compete to see who can turn it into the most workable Startup business – all over the course of a single hectic weekend. We think Start-up Weekend is so valuable because it allows a safe, exciting way for entrepreneur to get ideas out of their head and into the real world.
Teams are advised by mentors chosen from amongst the brightest and best minds in New Zealand business. These mentors bring a wealth of experience and real world connections to the weekend, putting the teams in touch with real world networks to give them feedback on their idea, what works and what needs to be changed.
If you’ve had an idea or a business concept rolling around in your head and you want to try it out, Startup Weekends provide a wonderful opportunity to test and explore in a supportive, encouraging environment. You never know – one day you might even be hailed as a visionary.