Forums: Discussions for entrepreneurs and small business.

Here are ten questions you should ask yourself before proceeding with any business idea:

1. Are you really clear about the idea? Write the idea out on a 3x5 card and test its clarity on colleagues.

2. Do you create value for customers or users? Is your idea ten times better, faster, stronger, cheaper than the incumbent?

3. Do you solve a problem, address a need or a pain in the market? A pain is an unresolved issue in the market.

4. Does your idea have a competitive advantage? That is, are you doing something better than your competitors?

5. Is your idea sustainable? Most ideas are not. Does it fit with your growth objectives?

6. What variables do you possess (cost, design, service, quality, location, value for money, better technology, brains, etc.) that will lead to a competitive advantage?

7. Will you have margins that will enable you to grow and produce a profit?

8. Do you have the resources (capital, time, people) necessary? If not, can you obtain them easily?

9. Do you know, understand, and have access to early adopters?

10. Does your idea have a best before date? In other words, is the window of opportunity closing? If you wait, will the idea have less potential?

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This is a great article. These are some of the very basic criteria for a business and are very important for success. Thanks for the great post!

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for tip number 4.

how would you measure the quality of your service against your competitor, say for example, in the field of software and website development business? 

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Thank you for these useful tips. I hope the beginners will make no mistakes.  

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Hi,

Starting a business is not an easy task. It requires strong market analysis and information of your product. Go through your business idea deeply and make a list of problems which may arise while or after starting business. This post will really help in making effective strategy about business.

Thanks.

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