djbaxter

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5 Questions You Should Ask to Find Out If You Have a Good Business Idea or a Dud
by Jim Price, Entrepreneur.com
May 29, 2018

Before diving head-first into a new business, entrepreneurs (and intrapreneurs, too) should ask and answer at least these five questions from The Launch Lens:
  1. Who are your customers?
    Describe the types of customers you plan to serve and be as specific as possible.

  2. What is your customer's unmet need?
    Put another way, what is the customer's "pain" that your product or service is designed to address? Generally speaking, you'll encounter greater customer demand for your new product based on the extent that it's addressing a more burning need. So ask yourself, would your solution be solving a "shark-bite pain" (your target customers must have this solution) or more of a "mosquito-bite pain" (it'd be nice to have your solution but by no means critical)?

  3. How are your customers addressing this need today?
    It's never OK to say, "My customers are not addressing this need today." Of course they are, albeit perhaps by using another, less elegant method.

  4. What is your solution?
    What product, service or product/service combination will you be offering? And remember, you ought to be able to describe your solution in a single, clear, unambiguous sentence. Run your brief solution description by several people who don't know your business to see if they all come away with the same understanding.

  5. How will your customers benefit?
    Asking how customers will benefit from your solution helps to clearly articulate the "value proposition" of the business.
The foundational question when a new product or business idea comes to mind is, "Is this worth pursuing?" Some ideas that may appear strong at first prove sketchy... Asking these rigorous "filtering" questions and others in the Launch Lens (helping define market size, business model, fundability, etc.) brings clarity. When a quick 20-minute screen shows an idea to be weak, abandon it and move on. For others that show preliminary promise, you may find them worth a more detailed "drill down" exploration on some of the questions, developing your thinking for a stronger business plan.

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VirtualGlobalPhone

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I think one of the best way is to be the customer of your own product / service and use it for a while and pay for the self. Then expand to few more and more ... and more.
 
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