Developing business ideas - 5 big questions
by Startacus Admin
Joseph Benn is passionate about enterprise having helped hundreds of young people develop their ideas and set up businesses. In this article for Startacus he highlights the 5 questions he asks everyone developing their business ideas...
Anyone who works with me to develop their business ideas gets asked 5 big questions. Amongst the people whom Ive assisted these 5 questions have become almost legendary! Whilst I apply them to business they could be applied to anything and everything. I’ve found that when I ask people to apply them to their business a funny thing happens.
They either come back to me really excited with an intense urge to make their idea a reality or they don’t come back to me at all having realised their idea isn’t viable or simply isn’t what they initially thought it was going to be.
There’s nothing particularly magical about these questions – you will have heard them all before. What they do is force you to get to the heart of your business idea and force you to develop it. I thought you might find them useful.
The questions are:
Who
What
Why
When
How
I cheat slightly!
Whilst I call them the five questions there are actually more than five because each question has more questions.
Who – Who are you? Who are your contacts? Who are your customers? Whose your competition? (One of the thing that irritates me slightly is the
What – what is it your business does? (you really need to think about this –a food business needs to do more than sell food! It may also inform its customers about more healthy eating options, provide a family atmosphere and so on)
Why – why are you wanting to set this business up? Compassion? To make money? To change the world? Theres no right or wrong reason but knowing your reason will make it more likely you will carry on through the hard times (and trust me there will be hard times!)
When – when do you plan to make your first sale or have your first customer? Put down an exact day! Be realistic whatever you think add a half on again to give yourself time. Now work backwards from that date listing everything you need to do to get to that position.
How – how will you tackle foreseeable problems? How will you tackle failure if it raises its ugly head? How will you pull all of the above together to make your idea a reality? How will you tackle problems that have occurred to you answering the above questions?
It helps if you can answer each question using the SMART principle. SMART is one of those dreadful business management acronyms that unfortunately works really well! It stands for Specific, Measurable, Achievable, Realistic, Timebound.
Attracting my first customer some time in 2013 is not SMART.
Getting my first customer May 16th 2013 is SMART.
Answer these questions and see what happens to your business idea and how you feel about it.
In my next post I want to look at useful questions for entrepreneurs. Until then.
Joseph Benn is passionate about enterprise having helped hundreds of young people develop their ideas and set up businesses. Hes especially interested in the role creative thinking plays in this process and has written a book on ideas generation Brilliant Business ideas and has a blog at www.ideasmapping.com
Join Startacus - the Self Start Society!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, will be opening its doors to six selected startups as part of its first cohort in January 2019.
Twigdoo offers a lead management service for businesses - a service which engages and converts leads whilst providing a high quality sales experience
Artomatix - The Dublin based startup that's using AI to help 3D artists create...
The startup that helps media companies to leverage user context data without exposing personal data...
IGO Adventures organise a series of multi-disciplined, physical challenges in some of the world’s most spectacular & remote wildernesses. Now they are looking to raise investment.
The no-bullshit-business coach and founder of consultancy firm RenOC, Karen Kwong, shares her top tips for getting your business back on track in 2019.
SpareFare - The online platform and marketplace which enables people to sell their non refundable flights, holidays or hotels.
Bidooh, the world’s first facial analysis, digital billboard software platform on the blockchain, agrees contract to roll out 10k real-time digital advertising screens in South Korea
Currently in private beta, Claimer wants to be app for R&D tax credits helping businesses to easily get money back from their R&D spend.
Launchpad, the innovative, post-graduate incubation and acceleration programme developed by Falmouth University in Cornwall, are on the hunt for their next cohort...
Published on: 13th December 2012
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Blockchain lab for startups StateZero Labs to offer £50k equity-free 15th Nov 2018 London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, will be opening its doors to six selected startups as part of its first cohort in January 2019.
- UK scaling startups sort for Upscale Tech Nation programme 5th Nov 2018 UK-wide scaling startups take note! This free programme, care of Tech Nation is aimed at further accelerating the growth of your business.
- Chancellor’s ‘little extras’ will not undo 8 years of cuts to public services, says TUC 29th Oct 2018 Commenting on the 2018 Budget Statement, which set out the government’s spending plans up to 2024, TUC General Secretary Frances O’Grady had this to say...
- NI Propel Pre-Accelerator countdown begins 26th Oct 2018 If you are an early-stage startup or entrepreneur based in Northern Ireland, you better be quick if you want to apply for the next IGNITE lead Propel Pre-Accelerator programme.
