Would-Be Entrepreneur

Entrepreneurial Assessment

Customer Assessment

Stronger  Venture Model

Financial Assessment

Reality Check

  

 
   

Questions to Answer Before Starting Your Venture

 

  

 
   

7. Overall Venture Evaluation

 

  

 
 

→ Compare the three venture models using the Needs Analysis, Financial Resources Requirements, and the Entrepreneurial Assessment to gain an impartial rating of all your concepts and models.

 

InnoBall

Improve the Rating of your concepts and models

  

 
 

→ There is no magic formula for success. The venture planning process simply gives you relative values of the feasibility of your ideas.

  

Increase Your Chances of Success

  

 
 

→ Even with the identification of the best concepts to date, they still may be not good enough to proceed. A final reality check is required.

  

Anticipate and Address Challenges

  

 
 

Reality Check

BE HONEST with yourself. Did you do the preceding studies with great care and honesty?

Lack of information can be extremely hazardous to your proposed venture. Continue your research until you reach either a time or resources limit.

 		 

 
   

Answer the following ten questions
that create serious problems for new ventures

We hope this checklist assists you with your decision-making process.
Quite often, going through this initial stage will convince you that
your original ideas could use some course correction before you proceed.

 

  

 
 

① Do you have sufficient knowledge of your customers and their needs?

② Do you have sufficient knowledge about how to sell your product or service?

③ Do you have sufficient knowledge about your compelling reason for wanting to start the venture?

④ Do you have sufficient alignment of the founders' compelling interest with the venture's mission statement?

 		 

 
 

⑤ Will the venture concept meet the customers' needs?

  

How To Market an Innovative Product

  

 
 

⑥ Do you have sufficient time to create the required venture?

  

Successful Venture: 10 Keys

  

 
 

⑦ Do you have sufficient knowledge or capability to produce the product or service in a timely manner?

  

Fast to Market

SWOT Questions

  

 
 

⑧ Do you have sufficient capital or financial resources to complete the venture?

  

Getting Funding for Your Startup

  

 
 

⑨ Do you have sufficient experience for the proposed venture or can you afford to hire it?

  

Venturepreneurial Flight

  

 
 

⑩ Do you have sufficient network of contacts to support and grow the venture?

 

Surround Yourself with Right People

  

 
   

Be HONEST. If you have more than two deficiencies, they must be overcome in the Business Plan Stage. More than three and you should explore more models or customer needs.

It is nearly impossible to overcome deficiencies in items 1 through 5.

Problems in areas 6-10 can be overcome, but are often venture threatening.

If the founder's alignment with the mission of the venture is not in sync, you should not proceed until this issue is resolved.

Risk reducing elements that should be incorporated are the keys to the ideal first venture.

 

  

 

 

 

 

 

   

 

 

         

 

 

 → 8 Key Entrepreneurial Questions