1. What problem does your business solve?
If there isn’t a problem your business will solve, than it will be the problem and be dissolved. Elaborate on paper what your product/service is meant to help, improve or assist. The more important attribute to the question is understanding that you need to solve what is causing the problem, not just solve the problem. While many will make money by solving a problem, companies can make even more by preventing the problem because they will always need to be kept stable in order to keep the problem from occurring. If you are only trying to solve the problems as they arrive, you will go extinct when the source of the problem does.
2. Is the problem ready to be solved?
For years the advancements made in technology were held back because the human race wasn’t capable of making that big of a jump. Is it too early for your business? Are people searching for answers to their problem, or did you find the answer before they want it? For example, in a classroom setting, a teacher can teach a 4th grader trigonometry, but they don’t need it for another seven years. Evaluate your niche audience to ensure that the size reaches the tipping point in which they want their problem to be solved.
3. How is your solution unique?
Despite the emphasis on making businesses which offer unique ways to solve problems, the world of entrepreneurs are still falling short on making their signature solution. Being different from any other competitor or being a new problem solver is not acceptable. How are you taking it further and creating something full of passion and character that is still different from other options. Don’t just be different, be better.
4. How will your solution be profitable?
Every business seeks profit. Although, different business creators have different definitions for “profit”. Define your profit, whether it is simply customer satisfaction, personal achievement, monetary amounts or something entirely different. Develope insight into how your “profit” will continue to grow and what will need to be done in order to meet the goals you set.
5. How will your solution be sustainable?
People spend countless amounts of dollars to maintain their hobbies. The same is done with people and their business’s. Coincidentally, it is the group of hobbyists and entrepreneurs who create a hobby or business that becomes self sustaining which introduces the largest of profits and becomes subject to the longest life span. What are you going to do to implement longevity into your business? (If creating a business selling crystal balls, you can skip this step)
6. Are you passionate about the idea?
Stay Positive & Turn Your Answers Into Actions
Garth E. Beyer