November 09, 2012 Category: Entrepreneurs
It is often essential for society to do what is possible to assist entrepreneurs with good ideas to reach their business goals. Any type of assistance is especially helpful for a new business in the beginning phases of the business formation process. Luckily for entrepreneurs, the University of Michigan demonstrated how it is stepping up to lend a hand to aspiring entrepreneurs by providing them a chance to expose their new business ideas at a recent business event.
The trade show was designed to showcase start-up business ideas of students from the University’s TechArb entrepreneur program. The show’s organizers chose the best and most interesting ideas from the program to be highlighted during the event. The showcase was co-hosted by the College of Engineering’s Center for Entrepreneurship and the Ross School of Business’ Zell Lurie Institute for Entrepreneurial Studies.
One of the new start-up business ideas showcased was a website called MyFab5. The site was started by the founder due to some poor experiences he had with Yelp! when attempting to decide where to eat from among the numerous options with long wordy reviews offered by that website. The new site would use a similar model as Yelp!, though it would be more specific to the user’s preferences. This will be accomplished through a specially-designed algorithm.
This business in Michigan, as well as any other start-up, can require careful planning during initial business formation in order to ensure success. This may also help with formulating a strong business plan that will assist in obtaining valuable venture capital funds. It may be necessary to hire a financial or legal professional in order to formulate an effective strategy.
Source: AnnArbor.com, ” Top 3 eye-catching inventions from University of Michigan student entrepreneurs ,” Ben Freed, Oct. 27, 2012