The buddies answered your questions - Part 2
The Pocket Money Pitch buddies have helped the contestants through many tasks and ideas. See what they thought of your business ideas and questions...
The Buddies' Answers
Suleman's Answers
Posted by EmeraldSummeryConker - Why do only certain people have the potential to run a good business? We could all do it couldn't we?
It really is about what you want to do in life; if running a business is what you want to do then we learn the skills. Learning the relevant skills come from making mistakes and learning from those and, over time, we become experienced from our mistakes and find the winning formula that works for us. There is no entrepreneur that has become successful without making mistakes and having a good mentor on there side.
Posted by PearlPoshAvocado - Out of 10, how much would you rate choosing pitches and being on Pocket Money Pitch?
That is very difficult... When I was choosing pitches, I always based it on the following:
1) The team
2) The potential of the idea
3) The work the team have put in till date
4) The revenue model and the viability of its growth.
I believed a lot of the ideas had great potential and at times it was an extremely difficult choice.
Posted by EmeraldTalkativeBaker - What sort of things do you look for in a pitch?
The team is what makes the difference to a successful pitch. I always look at if the key points have been covered (these include market size, financials, forecasts and growth strategy). I look at the people that are going to make it happen and a lot of the time its about the people, not the idea. You will find in business that it's the people who make it successful, but the idea that you start with and finish is never the same.
Posted by BerylCuriousTiger - How do you get your business to be recognised?
Be creative, find out what it is about what you are doing that stands you out from your competition, listen to your customers, ask for feedback and get your customers to talk about you. Always keep up to date with what is happening in your market and this will allow you to be creative in your marketing and generate the relevant publicity needed to get your brand out there.
Posted by MagentaFizzyKestrel - What do you look for in a pitcher?
Passion, commitment, knowledge and understanding the product/service clearly and demonstrating how they are going to grow the business.
Posted by BlueVioletMiniBaker - Who inspired you to make a business?
There is always a point when, as individuals, we make choices to go down a certain path. For me, it was when I believed I could change the sector I was interested in that I felt I was on a mission to make this happen. The person that inspired me to do this and supported me was my father.
Luke's Answers
Posted by BlueBlackJoggingLemur - How old were you when you got into business?
I was 18 when I launched by first business which was a restaurant partnership where I became a head chef at Luke's Dining Room.
Posted by GoldRoboBluebell - Would you rather eat 6 burgers or have a bath in jelly?
I think burgers strangely...
Posted by PlumFrizzySnail - What would be your favourite dish to cook? Mine is a lemon drizzle cake.
I love cooking seafood; scallops, mussels, clams etc. The natural flavour is amazing and when in season, if they're simply cooked, seasoned well and paired with great combinations, it really does excite me.
Posted by NavyBlueZingyBadger - My business idea: Meringuewich.
Coffee shops all over the country, with flagship brand being a meringue ice-cream sandwich featuring toppings of your choice. £2.50 to start with, toppings 60p each.
What do you say?
It sounds quirky, interesting and something with a clear Unique Selling Poimt. I am sure having a product that leans more to a younger audience also paired with coffee which is very relevant to everyday life is a commercial thought.
Posted by AzureCrunchyGoldfish - What do you think of my idea: CurryinAcan. Its currry, chappati and baklava that you can warm up and buy from the shops if you are to tired to cook
I am sure the product would sell. I like innovative ideas but also, freshly cooked food is where my heart is and in the current market I believe this is what the majority of consumers also want.
Posted by GingerSlowBat, PeachCalmSeahorse, PinkRhymingCow, MauveSunnySquirrel, CarnelianDiscoBoing and PlumSpringyKitten - What has been you favourite pitch from the series?
All of the ideas were unique and had interesting things about them, so I couldn't pick just one, I'm afraid.
Emma-Jayne's Answers
Posted by CyanSprinklesSquid - Is there a certain target audience that's easy to provide for or is one harder than the rest?
I wouldn't say there was an easier target audience as a target audience is dependent on your product/service. If you have done plenty of market research and determined whom your customer is, it is then important to target your customer appropriately. For example; younger people it may be through social media and older people it may be through newspaper ads.
Posted by CrimsonPancakeVampire and BlueVioletFootieCobra- What inspired you to do what you do today and how hard did you have to work to achieve it?
An artist called Jackson Pollock first inspired us and we wanted to create walking pieces of art that changed colour in the rain. We knew that if we wanted to see our idea and product on the market we would have to do it ourselves – so we did! You have to work super hard but when you are passionate about something and truly believe in it, it doesn’t feel like hard work as the journey is fun and you learn so much and whether you ‘make it’ or not, you have still achieved so much and gained fantastic skills for life.
Posted by OrangeJoggingGirl and TealLoopySpaniel - Who do you think will get the furthest with their business?
Although pitching is super important it’s always the idea that counts first. All the pitchers stood out for me – I was so impressed by the level of business knowledge, the confidence and passion all the pitchers had. Everyone has the best future ahead if they want it. Your future is what you make it, so make sure it’s a good one ☺
Posted by RubySitarGirl - Are there any new inventions on beds yet? Like bunkbeds ? Please reply and I love the show!
Beds are not my area of specialty – but of you do some market research with the aid of an adult you could visit some home furniture shops and talk to the shop assistants and ask them what the latest trends in beds are and you could also do some searching on the internet to see what’s new in the bedroom furniture industry.
Posted by RoseJokeyWriter - How do achieve a good business?
A good business is a many factors coming together and working out. The first most important factor is the idea, you need a good idea. Once you have a good idea you need thorough market research to back up the idea and prove that there is a market for your product/service and how you will differentiate yourself from your competitors.
Posted by GingerSwimmingAcorn - Which has been the funniest idea of the series? I love Pocket Money Pitch!
They have all been wonderful ideas – so inspiring and enterprising. I am super pleased you are enjoying the show!