Is Your Idea a Real Business?
While you might have a great idea, its not a business unless it has the potential to make money. It’s important to tweak and tune it to make sure it offers a solution to a problem consumers are willing to pay for. Be honest and answer these questions (from Y Combinator founder Paul Graham) to assess whether your business is a sure sale or if it needs a bit of tweaking.
Key Questions to Assess Your Business Idea
- Will you personally use your product?
- Can you find 10 or more people who are willing to pay for it now?
- What do you love to do? How different is it from your idea?
- Is your target market big enough to create a real business out of it?
- What is your revenue model and how realistic is it?
- How does the customer address the problem today?
- What is the simplest version of this idea?
- How fast can you take the idea to market?
- What makes your product different?
- Customers will only buy a simple product. Can you explain your product in one sentence?
- Do you have any advantage over the competition?
- Are you passionate enough about the idea to dedicate the majority of your time for the next 1 to 2 years to it?
- What opportunities and risks do you face?
- What long-term goals have you set?
- Why should someone give you money?
- How will your business survive and grow in the next five years?
Looking to make 2017 the year you get your Small Business started? Join the 30 in 30 Startup Challenge and get your small business off the ground today.
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