At Creo Quality, we suggest that every entrepreneur first build a business case before beginning their venture. We have come up with twelve questions to help you build your business case. I will be covering a few of the questions each time in a series of blogs. Here are the first three questions:
Describe your product / technology / service:
This seems totally obvious, but is the groundwork for your entire operation. It is something you will have to do again and again as everyone from investors, to regulators, to Great Aunt Sally ask you, “What exactly is it you want to do?”
Why is your product / technology / service necessary?:
Just because you think your product/technology/service is the greatest thing since the invention of the internet, doesn’t necessarily mean it is something that is actually useful to the general public. Think about why it is, in fact, essential to the industry you serve.
Does your product / technology / service fulfill an unmet need?:
Consider other products on the market and what your product has to offer that they don’t. This makes me think of whomever it was that came up with the idea for a TV with a remote control. There were already hundreds of TV’s on the market, but he thought, “Wouldn’t it be great if we didn’t have to get off the couch at all and could simply lie here and control the TV?” Talk about technology in action (or inaction)…
I will be posting on other questions for building a business case in future blogs. See all twelve questions in Building The Business Case.
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