Feedback.. my business idea..

Hello, good morning, good day..

I'm a 19 year old Northumbria University Student studying Entrepreneurial Business Management. Of course the purpose of the course revolves around starting your own business and I thought I should make a start up that takes interest in what I am passionate about, one of which is trading.

My initial idea is essentially to create a Facebook for traders. Traders will be able to:

- Post about their current strategies,
- Which trades they are currently looking to make,
- Follow their trading mentors,
- Create groups who have common trading strategies to allow them to communicate and give each other advice,
- Connect their profile to their trading software in order to publish their most recent trades if they wish to do so.

The business would be profitable similar to Facebook, using advertisement and taking
commissions.

I would really appreciate if you could all give me your honest opinion on the viability of the business. If you can find any flaws and give me advice on improvement, that would be most helpful.

Thank you,

Ben

Ben Gibson said:

. . . I would really appreciate if you could all give me your honest opinion on the viability of the business. If you can find any flaws and give me advice on improvement, that would be most helpful.

Click to expand...

Hi Ben,
Welcome to T2W.

In your shoes, I'd be asking the question 'what does my proposed business offer people that Facebook (or other social media sites) doesn't offer already?' If the answer is nothing, then the next question is 'what is better about my offering - why will people choose my site in preference to Facebook?' In other words, you've got to identify your USP and provide something that's new, of better quality or cheaper than anyone else. Difficult to do all three - but that's the goal to aim for. I don't use Facebook, so I'm afraid I've no idea how your idea matches up to it - or other sites doing something similar.

On a more general note, I recommend you stick to what you know and are good at. Only you know whether or not trading is it. If trading is just something you've taken a general interest in and know marginally more about than your cat - then that's probably not going to cut it. I quite like football and could explain the off-side rule if I was asked to, but there's no way in a million years I'd start a business based around the game. Hope that makes sense!

Best of luck with your studies and future business plans.
Tim.

Ben Gibson said:

My initial idea is essentially to create a Facebook for traders. Traders will be able to:

- Post about their current strategies,
- Which trades they are currently looking to make,
- Follow their trading mentors,
- Create groups who have common trading strategies to allow them to communicate and give each other advice,
- Connect their profile to their trading software in order to publish their most recent trades if they wish to do so.

The business would be profitable similar to Facebook, using advertisement and taking
commissions.

Click to expand...

How would that be different from T2W? And how would you go about preventing the shenanigans between contributors that sometimes detracts from this forum?

I think you need to offer something different or extra: as far as I can see, the problem is that existing trading forums haven't yet cracked that – perhaps you can?

Ben Gibson said:

Hello, good morning, good day..

I'm a 19 year old Northumbria University Student studying Entrepreneurial Business Management. Of course the purpose of the course revolves around starting your own business and I thought I should make a start up that takes interest in what I am passionate about, one of which is trading.

My initial idea is essentially to create a Facebook for traders. Traders will be able to:

- Post about their current strategies,
- Which trades they are currently looking to make,
- Follow their trading mentors,
- Create groups who have common trading strategies to allow them to communicate and give each other advice,
- Connect their profile to their trading software in order to publish their most recent trades if they wish to do so.

The business would be profitable similar to Facebook, using advertisement and taking
commissions.

I would really appreciate if you could all give me your honest opinion on the viability of the Business Advice Dubai. If you can find any flaws and give me advice on improvement, that would be most helpful.

Thank you,

Ben

Click to expand...

Your idea of creating a social platform for traders has merit, aligning with your passion for trading. The niche focus, engagement features, and monetization strategy are strengths. Consider competition, regulatory compliance, and security. Conduct thorough market research, develop a prototype, and include user education. With careful execution, your platform has the potential to be valuable for traders. Best of luck with your venture!

nickwiley said:

Your idea of creating a social platform for traders has merit, aligning with your passion for trading. The niche focus, engagement features, and monetization strategy are strengths. Consider competition, regulatory compliance, and security. Conduct thorough market research, develop a prototype, and include user education. With careful execution, your platform has the potential to be valuable for traders. Best of luck with your venture!

Click to expand...

It was 8 years ago)