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?
- 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
- 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
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