This weekend I am participating as an entrepreneur Coach with the Startup Weekend EDU Calgary.
The great thing about this initiative is that it is designed to create business plans for young entrepreneurs that result in “implementation” not just idea incubation. This is critical for an entrepreneur to understand – especially someone who is embarking on their first start-up.
For each team that I’m working with I’ve been encouraging them to find an answer to the following questions. This makes them look at their business as a real entity, from the beginning – not just a theoretical idea. I want to get them in the mindset that this is real, and not just a weekend project (because if it’s not real when why do it?).
Here are questions that I believe every entrepreneur should be able to answer. They are “practical” questions that I believe really separates a business plan that is merely “theoretical” from one that is “real” and can be implemented:
1. What problem does your business solve?
2. How do you know this is a problem?
3. How does your idea solve this problem?
4. Who else provides a similar solution?
5. How is your solution different from theirs?
6. Why should I choose your solution over theirs?
7. What does it cost to produce your solution?
8. Who is going to purchase your solution?
9. How will you find these customers?
10. What will it cost to find these customers?
11. How will this business make money?
12. What will it cost for you to earn your first $1.
13. What will it cost for you to run this business for a year?
14. Where is this money going to come from?
15. Who is responsible for getting sales?