Archive for the ‘opportunity’ tag
7 questions to ask before starting a new business idea
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.
