Starting a Business? You Need to Answer These Questions First

When starting a business or re-inventing an ongoing entity, there are a few relevant questions one needs to ask and that need answering in a very honest way. If you come up with a lot of negatives you need to reassess.

My Product/Service Is:

  • An idea I’ve been toying with for some time
  • Currently under development
  • A working prototype being beta tested
  • Generating a small amount of revenue

My Industry is:

  • Selling to an end user B2C or B2B
  • Not yet a sector in the industry, too cutting edge
  • One that is mature
  • One that is new and currently in fashion with investors

My Product/Service Will:

  • Not have high volume but high margin
  • Make life easier for consumers and have good margins
  • Help consumers do what they do only better and more efficient
  • Save time/money and have huge demand

The Market I Am Entering Is:

  • Flat with no growth
  • Growing by under 10% per year
  • Growing by 10-30% per year
  • Growing by more than 30% per year

My Primary Competitors are:

  • Nonexistent – we are developing a new market
  • Large companies with existing distribution channels
  • Start-ups I may or may not know
  • Substitutes for what I am offering

My Customers Have:

  • Not been identified
  • Have been identified on social media platforms
  • Expressed interest in what I am proposing
  • Have placed preorders

My Marketing Plan Is:

  • Build it and they will come
  • Build a website, use SEO and they will come
  • Hire commission-based sales staff to sell product
  • A comprehensive and well-researched plan

My Revenues In The First Year Are Planned To Be:

  • $0 – $250,00
  • $250,000 – 500,000
  • $500,0000 – 750,000
  • Over $750,000

My Revenues In 5 Years Will Be:

  • What ?

Do You Have Any Partners?

  • Individuals?
  • Other Businesses?
  • What is the relationship legally?
  • What is the legal structure?

What Is The Entrepreneurial Experience I And My Team Have:

  • Managed successful businesses in the past
  • Have no experience
  • Minor experience
  • Limited experience in this industry

My Business Plan:

  • Don’t have an overall Plan
  • Looks OK to me
  • Has been reviewed by other professionals
  • Is in constant revision

I Have Invested ____________ man-hours into this venture

I Have Invested ____________ of my own money into this venture

Others Have Invested Money & Time

  • Who?
  • What is relationship?
  • What are conditions of payback?

If Large Competitor Decided To Target My Start-up

  • Very bad for our survival
  • Glad to hear the market is being validated
  • Able to compete based upon innovation, speed, agility
  • Would move to form partnership of license technology

Are There Other Startups In The Industry Raising Capital and Growing?

  • No others in industry
  • Yes, and they have a head-start on me
  • No start-ups but other established businesses
  • Many other businesses in industry, large and small

4M Performance takes the fear out of the future…

Yoda quote
4M Performance

We provide our members reliable insights that you can instantly implement for your business success. These include how-to’s, tips, and takeaways based upon the 4Ms of business acceleration: Management, Marketing, Money, Momentum. It’s the information you need to help boost your business to the next level.

Please let us know what other types of articles or resources will assist you in your business. We want you to survive and thrive through these uncertain times. We’re here for you!

4M Performance