Business Plan Questions You Need To Ask
Basic
- So you think people are gonna love this?
- Is this a market gap, or a zeitgeist?
- Market driven business, or product driven business?
- How can I know if there is a market out there?
- Who is my first customer?
- Who is really my customer?
- Is my customer an average Joe or a geek?
- Have you sized yourself?
Product
- How "new" is the product?
- How easy is it to start using my product?
- Product stickiness?
- I wish I had thought of that one
- Can I reshape the product so it sells itself?
Marketing
- Preparing the market
- Use of PR
- Can I sell?
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Competition
- Are you sufficiently innovative to distinguish yourself from any competition?
- How does the entry of competition scupper your plans?
- How will you establish your brand?
- How flexible is your product and/or plan?
Execution
- Can I prove the concept?
- When will I start?
- Been there done that?
- What do I not know?
- What must go right?
- What cannot go wrong?
- The appropriate use of ego
- Can I really do this well?
Management
- What is my role in the founding team?
- Do I have the killer instinct?
- Who is the cleverest person in the company?
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Funding
- What's my approach?
- Numbers versus execution
- Matching interests and expectations between entrepreneur and investor
- Ideas are cheaper than free
- Angel investors are a dying breed
- An investor will prefer a novice to start with a stationwagon, not a sportscar
- Mountain of cash
- Investment schedule
Risks and Contingencies
- Where are the greatest assumptions?
- What are my weaknesses?
- Do I have the killer instinct?
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