Take a minute to write down your answers to all of the questions below. This exercise aims to help you hone in on your idea, the need it meets in the market, the size of that market, and what resources you'll need to be successful.
Overview:
Write a brief description 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 bring?
How well is the demand currently being met?
If the need is currently being met in another way, how will your business provide a better solution?
Market:
Is there currently a market for your product or service, or is there just the potential for one?
If there is a market, how big do you think it is?
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 for you to start and grow this business? Consider your time, energy, and resources.
Experience and commitment:
Do you have experience in this field?
How much experience do you have in this field?
Are you interested enough in this field to stick with it for 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 (or begin offering services)?
How much capital do you think you will need to start your business?
Partners and partnerships:
Will you need to bring together at least one business partner with technical skills (coding, engineering, etc.) in order to start?
Will you need to establish any partnerships with other companies or organizations for your idea to work?
Do you need to have a team before you launch your first product/service?
Competition:
Is there existing competition that you will have to deal with in order 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?
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Take a minute to write down your answers to all of the questions below. This exercise aims to help you hone in on your idea, the need it meets in the market, the size of that market, and what resources you'll need to be successful.
Overview:
Write a brief description 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 bring?
How well is the demand currently being met?
If the need is currently being met in another way, how will your business provide a better solution?
Market:
Is there currently a market for your product or service, or is there just the potential for one?
If there is a market, how big do you think it is?
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 for you to start and grow this business? Consider your time, energy, and resources.
Experience and commitment:
Do you have experience in this field?
How much experience do you have in this field?
Are you interested enough in this field to stick with it for 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 (or begin offering services)?
How much capital do you think you will need to start your business?
Partners and partnerships:
Will you need to bring together at least one business partner with technical skills (coding, engineering, etc.) in order to start?
Will you need to establish any partnerships with other companies or organizations for your idea to work?
Do you need to have a team before you launch your first product/service?
Competition:
Is there existing competition that you will have to deal with in order 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?