Inspired by a friend re-evaluating his new business strategy
What every business owner should be able to answer :
1. BUSINESS PLAN: Do you have a solid long-term business plan ?
2. ELEVATOR SPEECH: What is your 60 second summary of the business plan ?
3. WHO TO SELL: Who is your target market and how will you sell to them ?
4. UNIQUENESS: What problem are you solving with your product/service ? (Not only what need is it fufilling but also how is it different ?)
5. REVENUE MODEL: What is the revenue model - how do you make money and how do you establish pricing ?
6. OBSTACLES: What are the barriers of entry for the business/new product/new project, and how will you overcome them ?
7. COMPETITION: Who are your competeitors and how many are they roughly and what kind of market share they have ?
8. COSTS: What are the startup costs ? (for a new business, or for a new product or new project)
If you can't answer all of these eight questions, then you need to re-evaluate what you are missing to bridge the knowledge gap about your own business.