7 questions to ask before starting a new business idea
Aditya March 6th
I learned very insightful list of questions that we should ask to ourselves before we jump to start a new business idea. It’s the list of questions that Kiran Mazumdar Shaw asks herself when she choose one idea over another while starting a new business.
- Do I have the basic understanding of the area?
- Do I know something about what is happening in the larger space of that idea?
- How will I build the differentiation, particularly if the idea is a common product?
- How do I make it affordable and at the same time deliver high value?
- Wherever there is a collaborator involved in the ideation process, how do I create larger leverage through the relation beyond just that one idea?
- Do I know who will be a paying customer and how I will go about marketing my idea?
- Finally, do I have conviction about the idea?
Hope these questions will help us to find the next big opportunity.
I find there's many that take No.6 for granted.
I do web design and there are a lot of clients who assume that traffic generates sales, but it's really an effective strategy that will. Thanks for the post
Robin Bastien
3 Apr 09 at 8:34 pm
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