Business Development – Questions to ask 1
by Bruce Wade on 02/06/10 at 8:58 am
2 comments
The first question to ask about a business is: Is this business idea Feasible? Feasibility needs to address both the business concept and the business owner. For a business idea to become feasible it should rate positive on the following scales:
- Is there a need in the market for my product?
- Is there a gap in the current or future market for my product?
- Is my product affordable to those who need it?
- Will my product create positive income for my business?
- Will my product generate future sales through up-selling or referrals?
- Will this business utilise my core strengths as a business owner?
- Will I have to enhance my skills to run this business?
- Will I gain recognition and appreciation within the market through this business?
Once you are able to assess both yourself and the product within the constraints of the current environment will you be able to answer the feasibility question. This answer will come in one of three answers.
- No, not now – the market or product or myself are not suited to this business. What can I change?
- Wait – There is a need for things to change before my business becomes feasible, either myself, product development or the environment needs to see some changes before reassessment can be done. What needs to change?
- Go for it – the business is feasible and you can go on to the next stage of business development. This we will discuss next week.
Bruce Wade is a survivor of the corporate and NGO world, author, speaker, business owner and entrepreneur, Bruce now runs the Entrepreneur Incubator; a member based organisation dedicated to serving those in the trenches of business through coaching, mentoring and leadership education. View more articles by Bruce Wade.
Tags: business development
Business Development – Questions to ask 2 | Ideate
Jun 7th, 2010
[...] Bruce Wade on 07/06/10 at 12:51 pm No comments The second question to ask about a business is: Is this business idea [...]
Ian D. Samson
Jun 14th, 2010
I can answer “YES” to all the above questions. My challenge now is to find the funds for the required equipment; once that is installed, the steep and slippery slope of self-education starts.