Who you are and what's your idea?
- Who are you? What's your background? Are you a reliable person? What did you do before you got this idea?
- Why are you the best person to make this idea work? What else have you done successfully?
- What is it ou want to sell or make? Is it really needed? What makes you think the time is right for your product or service?
- What are the benefits of buying your
product or service? Does it do any harm to people or the environment? Does it do good things? Is it beneficial in some way?
You may not know it, but pretty soon you'll need what I'm selling.
- Who needs your product
or service? Why do they need
it? How do you know?
- How will you attract
customers? Will you use
posters? Your sisterís megaphone
mouth? TV or radio
advertising? Direct mail?
The net?
- Who, besides you, will be
out there selling the product
or service?
- How much will this
marketing stuff cost?
Is it money well spent?
- What will you charge for
your product or service? How
did you come up with those
numbers?
-
Why will people buy from
you instead of your competition?
What makes your product or
service better?
How to pull rabbits out of your hat day after day, year after year!
- Where will you work? Your
bedroom? At the local Girlís
Club? In your Auntís store?
At an office or a factory?
- What permits or licenses
will you need to operate your
business? Will you have to let
the city or state know what you
are doing?
- What exactly will you need
to get started? Where will you
get the things you need?
- Will you make your products
or perform services yourself or
will someone else be directly
involved in your business?
What other sort of help will
you need?
- How will the business fit
into your schedule, so that
you can meet your customersí
needs and still get your
homework done?
- Will transportation or
shipping be a part of your
business? How will you
handle these?
- How will you make sure
that the product or service
is as good as you dreamed
it would be?
- What kinds of problems
might come up and what
might you do to avoid them?
Now that I own Park Place, how much does it cost to build a hotel?
- What will it cost to start
your business?
-
What special equipment
will you need to get your business
running, and how much
will this equipment cost?
-
How much will it cost to
run your business the first
year? How much will you pay
yourself? How much will you
pay others? In other words,
what is your budget?
-
How will your budget
change for the second year?
Over the first five years?
-
Where will you get the
money to start your business?
Your savings? A bank loan? An investment from a relative?
Income from another job or
business?
-
What about profit? How
will you make a profit? How
much profit will you earn?
(Remember, even a non-profit
company has to make $$$ to
keep going!)
-
When will you repay any
loans taken or provide any
return on investment?
I knew I could, I knew I could, I knew I could!
- How long will it take to
get your business running?
How will it change over time?
- How will you know that your
business is successful? What
does success mean to you?
Fame? Hundreds of employees?
Cash? Early retirement?
Independence? Lots of travel?
Possessions?
-
Will your success make a
difference? How will it change
your community? Your state?
The environment? Society?
The world?
Remember: These questions
are not the only questions
entrepreneurs must ask
themselves, but the questions
the judges will have about
your business idea. Consider
them all carefully.
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