Essential questions to help you challenge and clarify your idea.
Before you start a new business, there are three primary questions to answer.
Is it possible?
Is there an unmet need for it?
Am I willing and capable of doing what it takes to make this business successful?
The questions below are designed to help you get a clearer picture of the answer to the three primary questions. Some questions may not apply to your future business, so feel free to skip them. This is not a test, and there's no "right" or "wrong." The goal is to ask questions that help you think and outline your idea. We recommend Writing down your answers to each of the questions that applies to your business idea.
Overview:
Write a brief overview of your idea.
Originality:
Is this a completely new idea or a fresh take on an old idea?
Offering:
What would the core offering be (product or service)?
Need:
What need will your new business meet?
Does your future customer know they need what your business will provide? (Explain)
How well is the demand currently being met? (Explain)
If the need is currently being met another way, how will your business provide a better solution? (Explain)
Market:
Is there currently a market for your product or service, or is there just the potential for one? (Explain)
If there is a market, how big is it?
If there isn't a market, how hard do you think it will be to create one?
Feasibility:
Does your business's success rely on future technology, large amounts of funding, or other factors that could make it impossible to accomplish?
How possible is it to start and grow the business you want to start?
Experience and commitment:
Will this new business be in a field that you have experience in?
How much experience do you have in this field?
Are you interested enough in this field to stick with it for at least 5-10 years?
Funding:
Will you need outside capital (money from other people) to be able to start your business and build your first product?
How much capital will you need to start your business?
Partners and partnerships:
Will you need to bring together at least one business partner with technical skills to start?
Will you need to establish any partnerships with other companies or organizations for your idea to work?
How important is it to have a team before launching your first product/service?
Competition:
Are there existing companies you will have to compete with to succeed?
How strong is the competition?
Last question:
Imagine you never started this business. Now imagine you did start this business. How is the world a better place because of your business? How is your life better after starting this business?
Want to figure out whether your business idea has the potential to be successful? Take out our course, "Evaluating Your Idea."
Essential questions to help you challenge and clarify your idea.
Before you start a new business, there are three primary questions to answer.
Is it possible?
Is there an unmet need for it?
Am I willing and capable of doing what it takes to make this business successful?
The questions below are designed to help you get a clearer picture of the answer to the three primary questions. Some questions may not apply to your future business, so feel free to skip them. This is not a test, and there's no "right" or "wrong." The goal is to ask questions that help you think and outline your idea. We recommend Writing down your answers to each of the questions that applies to your business idea.
Overview:
Write a brief overview of your idea.
Originality:
Is this a completely new idea or a fresh take on an old idea?
Offering:
What would the core offering be (product or service)?
Need:
What need will your new business meet?
Does your future customer know they need what your business will provide? (Explain)
How well is the demand currently being met? (Explain)
If the need is currently being met another way, how will your business provide a better solution? (Explain)
Market:
Is there currently a market for your product or service, or is there just the potential for one? (Explain)
If there is a market, how big is it?
If there isn't a market, how hard do you think it will be to create one?
Feasibility:
Does your business's success rely on future technology, large amounts of funding, or other factors that could make it impossible to accomplish?
How possible is it to start and grow the business you want to start?
Experience and commitment:
Will this new business be in a field that you have experience in?
How much experience do you have in this field?
Are you interested enough in this field to stick with it for at least 5-10 years?
Funding:
Will you need outside capital (money from other people) to be able to start your business and build your first product?
How much capital will you need to start your business?
Partners and partnerships:
Will you need to bring together at least one business partner with technical skills to start?
Will you need to establish any partnerships with other companies or organizations for your idea to work?
How important is it to have a team before launching your first product/service?
Competition:
Are there existing companies you will have to compete with to succeed?
How strong is the competition?
Last question:
Imagine you never started this business. Now imagine you did start this business. How is the world a better place because of your business? How is your life better after starting this business?
Want to figure out whether your business idea has the potential to be successful? Take out our course, "Evaluating Your Idea."
StacDek helps companies design strategies that drive long-term growth.
