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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?
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?
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?