‘Entrepreneurship’ has become a key buzzword in many circles and a national enterprise academy is even being launched in the UK next year. Whatever you might do to learn about entrepreneurship and starting your business, there are some important basics that any would-be entrepreneur must answer before even considering starting a business.
The 10 questions below, which are part of a framework called The Chilli Value Test™, are a good start for you to be able to validate your business idea, to see if it will form the basis of a sustainable business.
Not only will these questions help flesh out your thought process, strengthening the idea, but it will also prepare a would-be entrepreneur for the creation of the business plan and the due diligence from potential investors.
The questions to ask are:
1. What problem are you solving?
2. What value are you adding?
3. Is the market big enough and growing?
4. How will you make money?
5. What are the barriers and paths to entry?
6. What is the competition?
7. Have you validated your idea?
8. How will you overcome customer inertia?
9. Risk analysis.
10. Key ingredients for a business plan.
For the full details of this test, click here.
