Can we answer these 13 lucky questions about our new business venture ...
1. Who is our customer? This can be more than one group of people.
2. What other solutions do our customers have to their problem for which you have developed a product? Our response should include products as well as paths of action.
3. Compare our solution/product to our customers’ other choices. What do we have that is better than the alternatives?
4. If our product is distinguishable from other solutions available to our customers, what are the key reasons they would buy it (price, quality, features, etc.) from us?
5. If our product is indistinguishable from other solutions in the market, why would our customers buy it (price, ease of acquisition, affinity for your business, etc.) from us?
6. What would make our entry into our targeted market difficult (expense, other patents, no established brand, etc.)?
7. Will our product's usefulness be superseded by developments in our industry? If so, how will we keep pace with the market?
8. In order to grow our business within our selected market, will we have to develop other products? Explain the answer either way.
9. How will we prevent our product from being copied?
10. Can our product be produced and sold for a competitive price? If so, how?
11. What is the best method for selling to our customers? Keep in mind that our selling costs need to be low enough to allow us to make a reasonable profit.
12. If our venture's start-up expenses will require more money than we can provide, what will be the source of this additional money?
13. Are we entering a growing or shrinking market? If our market isn’t growing, how will we capture and preserve market share?