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HOT or NOT:: How to know if your Business Idea will Fly or Fail
GREAT IDEAS CHANGE THE WORLD, but how do you know if your idea is truly great? That is the problem Professor Sean Wise addresses in his third and best book to date. Sean Wise, former online host and business advisor to the hit reality show, Dragons' Den, has heard tens of thousands of entrepreneurs' idea pitches. Some were good, most were bad, and in this book he shows you how to tell the difference. Based on more than 20,000 hours of pitches, Wise takes us inside the minds of investors and other opportunity spotters to learn how they separate the best from the rest. In doing so, Wise provides readers with an objective framework for gauging the potential of Startup business ideas. This book • an entrepreneurial field guide for innovators • tools to help you recognize great entrepreneurial opportunities • an interactive framework to help Startup entrepreneurs address key issues • a multidimensional objective scorecard to assist in the decision process • lists of key considerations to address before you invest your time, energy and money So before you drop out, invest in, or quit your day job to pursue an opportunity, first discover if your idea is HOT or NOT and learn how to get investors to back your pitch.
- GenresEntrepreneurshipBusiness
300 pages, Paperback
First published December 1, 2011
5 people are currently reading
250 people want to read
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Displaying 1 - 21 of 21 reviews
February 18, 2012
Before you quit your day job to pursue a "hot" opportunity read Hot or Not by Professor Sean Wise.
Wise is an adviser for venture capital firms and is also the online host and adviser for the reality show Dragons' Den. He's heard literally thousands of entrepreneurs' idea pitches.
Wise takes all this experience and breaks down what makes a business idea HOT...or NOT into smart, insightful, small steps. The book outlines his WiseGuide (yeah, even he admits it's a cheesy name) to judge your idea. With great detail--but also amazing simplicity--he describes how to award points to every aspect of your idea: 44 elements that you need to consider; 8 pitfalls you REALLY need to consider. He also includes hints about what to do if your idea is weak in a specific area. So you can not just evaluate, but also fix what's wrong.
Every chapter was short, to the point, clear, and useful.
When I was done, I felt as if I'd just had a three-hour, personal consultation with an incredibly smart man.
Finished the book in one sitting, and now am going back to re-read and study. Fast and excellent read.
Wise is an adviser for venture capital firms and is also the online host and adviser for the reality show Dragons' Den. He's heard literally thousands of entrepreneurs' idea pitches.
Wise takes all this experience and breaks down what makes a business idea HOT...or NOT into smart, insightful, small steps. The book outlines his WiseGuide (yeah, even he admits it's a cheesy name) to judge your idea. With great detail--but also amazing simplicity--he describes how to award points to every aspect of your idea: 44 elements that you need to consider; 8 pitfalls you REALLY need to consider. He also includes hints about what to do if your idea is weak in a specific area. So you can not just evaluate, but also fix what's wrong.
Every chapter was short, to the point, clear, and useful.
When I was done, I felt as if I'd just had a three-hour, personal consultation with an incredibly smart man.
Finished the book in one sitting, and now am going back to re-read and study. Fast and excellent read.
January 11, 2012
“Hot or Not” has truly been an exciting read thus far…
I usually find it hard to keep focused while reading books. However, Prof. Wise really knows how to keep the reader engaged. With scenarios from the Dragons Den and quotes from people like Kevin, I am simply excited to read again!
I have worked with a couple start-ups myself, therefore, I embrace the entrepreneurial spirit and vibe the book gives off.
“Hot or Not”, is straight to the point and helps people see the reality and differentiates between the people who are living the start-up lifestyle from those who dream too.
I usually find it hard to keep focused while reading books. However, Prof. Wise really knows how to keep the reader engaged. With scenarios from the Dragons Den and quotes from people like Kevin, I am simply excited to read again!
I have worked with a couple start-ups myself, therefore, I embrace the entrepreneurial spirit and vibe the book gives off.
“Hot or Not”, is straight to the point and helps people see the reality and differentiates between the people who are living the start-up lifestyle from those who dream too.
January 19, 2012
This book is a fantastic tool. It is a quick and easy read broken down into concise individual lessons. I would recommend it to anyone thinking about starting a business. I'm sure it will contain at least one angle you have not yet considered. Definitely worth the investment of time.
August 5, 2016
Forceful and clear. Wise has written a provocative blend of entrepreneurial how-to and insights gleaned from inside the world of venture capital. Get on the inside -- read this book!
February 13, 2012
I sure wish this book was around when I was struggling with issues such as Government Regulations, barriers, competition, market Theory, Intellectual Property rights, 10X Rule, Elasticity of demand, risks, plans, costs, revenue models and the big one Pitfalls. All in Prof. Sean Wise's latest book Hot or Not. How do you know if your idea is a good one that will fly or one that will flop? Or even more important how to turn a good idea from failure through select market ideas like piggybacking. No matter how good the idea - knowledge of how to present that idea is critical. Wise has done the digging and offers a condensed and entertaining book crammed with ideas that might make the difference in your venture rising to stardom or plummeting to the trash bin. This is the best place to start your search for issues like timing and durability of the market place, if your idea has what it takes, and all before you invest a lot of money. Frank L. Hicks Jr. CPL, JD MBA Author Equine Little MBA
February 10, 2012
Hot or Not
by: Sean Wise
I won this book on Goodreads/First Reads
This book is a must read for anyone thinking of starting a business or thinking of investing in one. I found the book easy to read and it has a non-nonsense way to figure out if an idea will really fly in a business sense. I loved the insight in this book and I think it will be invaluable to weed out the good from the bad. This book doesn't just stop with ideas but rather gives you the whole sense of what it takes to suceed in a business. There's even a scoring system to help you decide if it's a good or not so good idea.
by: Sean Wise
I won this book on Goodreads/First Reads
This book is a must read for anyone thinking of starting a business or thinking of investing in one. I found the book easy to read and it has a non-nonsense way to figure out if an idea will really fly in a business sense. I loved the insight in this book and I think it will be invaluable to weed out the good from the bad. This book doesn't just stop with ideas but rather gives you the whole sense of what it takes to suceed in a business. There's even a scoring system to help you decide if it's a good or not so good idea.
maybe
February 15, 2012Goodreads First Read.
Waiting for my copy!
Waiting for my copy!
Want to Read
January 27, 2012I won this book as a Goodreads First Read.
Want to Read
January 31, 2012Won a copy! Can't wait to read this one!
October 25, 2024
Greater the pain your product solves greater the demand for it
An idea becomes business only if people are willing to pay How to evaluate an opportunity?
Question customer, employees, investors, industry experts Your reputation through your resume Opportunity evaluation: people, pain, product, province, pitch, plan, proposal, pitfalls
Scalability refers to an opportunity’s potential to bring in top line revenue faster than the growth of related costs.
(Economy of scale) CAGR of industry
Industry analysis If nothing works keep plan b,c,d ready(pivoting) Elevator pitch It is CONSISE—more than two minutes is too long; It is CLEAR and easy to understand—no jargon allowed; It is COMPELLING —it induces greed; and It is IRREFUTABLE—the statements are hard to deny.
If you have not risked your money how someone else can
An idea becomes business only if people are willing to pay How to evaluate an opportunity?
Question customer, employees, investors, industry experts Your reputation through your resume Opportunity evaluation: people, pain, product, province, pitch, plan, proposal, pitfalls
Scalability refers to an opportunity’s potential to bring in top line revenue faster than the growth of related costs.
(Economy of scale) CAGR of industry
Industry analysis If nothing works keep plan b,c,d ready(pivoting) Elevator pitch It is CONSISE—more than two minutes is too long; It is CLEAR and easy to understand—no jargon allowed; It is COMPELLING —it induces greed; and It is IRREFUTABLE—the statements are hard to deny.
If you have not risked your money how someone else can
March 18, 2012
*** Hot or Not? was provided to me free-of-charge by the author through a Goodreads, First Reads Giveaway. ***
Sean Wise’s book “Hot or Not?” is best described as a tool for entrepreneurs to assess the potential of their business idea and to provide concrete recommendations for improving their business idea to make it attractive to potential investors. The author, Sean Wise draws on his many years of experience as Professor of Entrepreneurship & Strategy at the Ryerson Entrepreneurship Institute, as Director of Ernst &Young’s Venture Capital Advisory Group, as a venture capitalist for a New York-based private equity firm, and as the Industry Advisory for Canada’s Dragons’ Den in compiling a great resource for those wondering whether their business has merit.
I have very mixed feelings about this book. On the one hand, some things are very, very well done.
This book is comprehensive in that it really does seem to cover everything an entrepreneur should consider when moving an idea forward into reality. The information is presented in a logical, easy-to-follow format that I can really appreciate. Each section covers the same points when considering each individual element: What is it? Examples. Why it matters? How to score a particular element? Raising the score (when possible)? It reads like a cookbook and I really liked that about this book.
The book makes great use of examples and walks the reader through a detailed case study. For those without a business background, key text is bolded and defined and there is a glossary of terms in the back of the book. It is very user-friendly.
Now the problems I had with the book:
First, I received an e-book version which was not formatted correctly making the text quite disjointed and difficult to follow. Ok, I understand that it’s an advanced, non-proofed copy so while I was frustrated, it doesn’t really affect how I feel about the content.
As I read through the book, I often felt like it was a big plug for the Dragon’s Den. It just kept getting mentioned over and over and over. Also, I found it interesting that Kevin O’Leary provided a forward to the book, was frequently used in the examples, and was even included in the index! Interestingly, only Jim Treliving and Kevin O’Leary from the Dragon’s Den were mentioned (and indexed) in the book (not the other dragons). Hmmmm....
For those who are not familiar with Kevin O’Leary, he is a bit of a controversial individual in Canada - - even being compared to Don Cherry of Hockey Night in Canada; both having the ability to not only offend others with their inappropriate comments, but to seemingly fail to understand why their comments are offensive in the first place.
So, when you use a controversial figure to write the Foreward in your book, that’s simply a risk you take. Some people will be put off right away.
Finally, I think the biggest issue I had was that I feel that this book is written for people who have BIG IDEAS and who are seeking investors for their business. This was made evident by the examples that were cited over and over and over, e.g., Facebook, Amazon, Wikipedia. These types of ideas are such a small percentage of successful businesses. Who seems left out is the small business owner who may simply want to do something small, and begin a business doing something they ENJOY. In short, the “human factor” is largely left out. Further, for less lofty business ideas, not all the elements are necessarily relevant. For examples, you don’t necessarily need a Board of Directors or a CFO to run a successful business.
I’ve seen the Dragon’s Den and I think this book would be relevant for people who think along the same lines as the people who pitch their ideas on the show: that is, people who have a simple idea and are largely motivated by making money. From where I sit and in the wake of the Occupy Movement, that’s not me.
Sean Wise’s book “Hot or Not?” is best described as a tool for entrepreneurs to assess the potential of their business idea and to provide concrete recommendations for improving their business idea to make it attractive to potential investors. The author, Sean Wise draws on his many years of experience as Professor of Entrepreneurship & Strategy at the Ryerson Entrepreneurship Institute, as Director of Ernst &Young’s Venture Capital Advisory Group, as a venture capitalist for a New York-based private equity firm, and as the Industry Advisory for Canada’s Dragons’ Den in compiling a great resource for those wondering whether their business has merit.
I have very mixed feelings about this book. On the one hand, some things are very, very well done.
This book is comprehensive in that it really does seem to cover everything an entrepreneur should consider when moving an idea forward into reality. The information is presented in a logical, easy-to-follow format that I can really appreciate. Each section covers the same points when considering each individual element: What is it? Examples. Why it matters? How to score a particular element? Raising the score (when possible)? It reads like a cookbook and I really liked that about this book.
The book makes great use of examples and walks the reader through a detailed case study. For those without a business background, key text is bolded and defined and there is a glossary of terms in the back of the book. It is very user-friendly.
Now the problems I had with the book:
First, I received an e-book version which was not formatted correctly making the text quite disjointed and difficult to follow. Ok, I understand that it’s an advanced, non-proofed copy so while I was frustrated, it doesn’t really affect how I feel about the content.
As I read through the book, I often felt like it was a big plug for the Dragon’s Den. It just kept getting mentioned over and over and over. Also, I found it interesting that Kevin O’Leary provided a forward to the book, was frequently used in the examples, and was even included in the index! Interestingly, only Jim Treliving and Kevin O’Leary from the Dragon’s Den were mentioned (and indexed) in the book (not the other dragons). Hmmmm....
For those who are not familiar with Kevin O’Leary, he is a bit of a controversial individual in Canada - - even being compared to Don Cherry of Hockey Night in Canada; both having the ability to not only offend others with their inappropriate comments, but to seemingly fail to understand why their comments are offensive in the first place.
So, when you use a controversial figure to write the Foreward in your book, that’s simply a risk you take. Some people will be put off right away.
Finally, I think the biggest issue I had was that I feel that this book is written for people who have BIG IDEAS and who are seeking investors for their business. This was made evident by the examples that were cited over and over and over, e.g., Facebook, Amazon, Wikipedia. These types of ideas are such a small percentage of successful businesses. Who seems left out is the small business owner who may simply want to do something small, and begin a business doing something they ENJOY. In short, the “human factor” is largely left out. Further, for less lofty business ideas, not all the elements are necessarily relevant. For examples, you don’t necessarily need a Board of Directors or a CFO to run a successful business.
I’ve seen the Dragon’s Den and I think this book would be relevant for people who think along the same lines as the people who pitch their ideas on the show: that is, people who have a simple idea and are largely motivated by making money. From where I sit and in the wake of the Occupy Movement, that’s not me.
February 24, 2012
“Hot or Not” is a book written by Professor Sean Wise. The book is to help those who have great entrepreneural ideas and want to find out if they are worth pursuing. Mr. Wise has plenty of experience to help guide people on their endeavor. He was Director of Ernst & Young’s Venture Capital Advisory Group, a venture capitalist for a New York based private equity firm, and the Industry Advisory for the business reality show, Dragon’s Den.
This book breaks down Mr. Wise’s Wiseguy™ scoring system (www.USEtheWiseGuide.com) and covers what he considers to be the 44 elements that you need in order to succeed. Each element is made up of: What is it?, Why it matters? Questions to ask, and How to score this element.
The book is not meant to be read in one sitting. It is meant to be with you every step of the way. It is set up for you to refer to as you get to certain stages of implementing your business. This book seems less geared for those who want to set up a family business, but more for those who are looking to either franchise at some point or have their product sold nationally and internationally.
Although I am not currently thinking about starting up a new business, I know that if I do I will have “Hot or Not” with me. I feel that Mr. Wise has solid information and using his scoring system will definitely help you make better decisions.
The writing is rather dry since it is more meant as a manual, but it is well researched and Mr. Wise shows us his experience on helping people avoid common pitfalls and succeed in making their dreams a reality.
**I have received the book for free through Goodreads First Reads. It has, in no way, influenced my review.**
This book breaks down Mr. Wise’s Wiseguy™ scoring system (www.USEtheWiseGuide.com) and covers what he considers to be the 44 elements that you need in order to succeed. Each element is made up of: What is it?, Why it matters? Questions to ask, and How to score this element.
The book is not meant to be read in one sitting. It is meant to be with you every step of the way. It is set up for you to refer to as you get to certain stages of implementing your business. This book seems less geared for those who want to set up a family business, but more for those who are looking to either franchise at some point or have their product sold nationally and internationally.
Although I am not currently thinking about starting up a new business, I know that if I do I will have “Hot or Not” with me. I feel that Mr. Wise has solid information and using his scoring system will definitely help you make better decisions.
The writing is rather dry since it is more meant as a manual, but it is well researched and Mr. Wise shows us his experience on helping people avoid common pitfalls and succeed in making their dreams a reality.
**I have received the book for free through Goodreads First Reads. It has, in no way, influenced my review.**
December 30, 2012
I received Hot or not: how to know if your Business idea will fly or fail By Sean Evan Wise for free through Goodreads first reads giveaway. First off I do not like the title Hot or Not, I feel it does not give the right message for what the book is actually about. I feel the title could have been more creative and been a better expression of what the book is about. The book itself is really good for what it is and accomplishes what it set out to do. It give the information it promises and everything is really just laid out at your feet. It is easy to understand and is an easy read. If you have an idea and wish to get a business going I suggest picking this book up and giving it a try. It could help you figure out if your idea is worth it or if you would be throwing away money on an idea that will never become what you think it would.
February 1, 2014
Great entrepreneurial reference, especially for those considering outside investment, but the text is marred by multiple grammatical, spelling and copy-pasting mistakes. Several paragraphs, sentences and even footnotes are duplicated from other sections, leading to overall confusion. The reader is sometimes directed to the glossary in the book to familiarize himself with terms not defined in the main text, but these terms are not defined in the glossary either, which adds to the frustration. The website for the WiseGuide ranking system (which the book is centred around) is down at the time of writing.
I would seriously recommend waiting for a post-2012, editor-reviewed revision of this book before purchasing.
I would seriously recommend waiting for a post-2012, editor-reviewed revision of this book before purchasing.
March 24, 2012
I won this book in a giveaway hosted at Goodreads by Sean Wise but i am not going to be biased in my pinion about this book.
It is a must read if you are thinking of starting a new business and want to know if your idea can be successful.
The language is simple, not many technical terms so anyone can understand it well.
To sum up, its a to-the-point book (or even a tool) to help you check the feasibility of your "great business idea" and how to go about implementing it in a smart and efficient way.
It is a must read if you are thinking of starting a new business and want to know if your idea can be successful.
The language is simple, not many technical terms so anyone can understand it well.
To sum up, its a to-the-point book (or even a tool) to help you check the feasibility of your "great business idea" and how to go about implementing it in a smart and efficient way.
May 6, 2012
I won this book on Goodreads/First Reads
The book is really insightful for someone looking to start a business or for someone accessing a business pitch. The book is easy to understand and broken down into precise chapters. I have always wanted to start a business and be my own employer and this book will definitely help me in evaluating different business ideas and decide when to take the plunge.
The book is really insightful for someone looking to start a business or for someone accessing a business pitch. The book is easy to understand and broken down into precise chapters. I have always wanted to start a business and be my own employer and this book will definitely help me in evaluating different business ideas and decide when to take the plunge.
March 10, 2012
I won this book through goodreads and it really was an eye opener. I work as a nurse and we are continually being asked about business ideas and ways to improve patient care. This book helped me think through some ideas and gave me the tools i need to take forward any ideas i may have in the future. A eally interesting and useful read. Easy to understand.
December 15, 2012
I put in for this book for my husband who is planning to start up a busniess. He said that the book is very helpful and has given him some ideas. He also said that the books was easy to follow and clearly written and would recommed it to anyone who is thinking of starting their own busniess. Won as part of the Good Reads Early reader programme.
March 9, 2017
If you like to have more ideas or let us say wants to start a business read Sean Wise Hot or Not book.
A very clear and useful books for everybody. Plus it will help anyone to make a better decisions. It's not meant to be read in one sitting use it as a guide or maybe re-read it and study.
A very clear and useful books for everybody. Plus it will help anyone to make a better decisions. It's not meant to be read in one sitting use it as a guide or maybe re-read it and study.
Want to Read
March 8, 2012I won this in a first reads giveaway. However, I have not yet received it. This will be added to my to-read shelf where I may not access it again.
March 13, 2012
Won a copy through Goodreads' First Reads program.
Great reference guide to keep with you during starting and running your new business. Written in simple terms anyone can understand.
Great reference guide to keep with you during starting and running your new business. Written in simple terms anyone can understand.
Displaying 1 - 21 of 21 reviews