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.
Want to gain an edge over your business competitors? Listening to your audience is an absolute must.

The Clothes Doctor mission to fight fast fashion continues as the innovative eco clothing care brand raises £1m to support further growth.

If you plan on using social media to promote your brand, these simple rules will help, increasing both brand awareness and the number of consumers.

High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.

The lowdown on Danish startup EvodiaBio and its innovative tech that produces sustainable aromas for the food and beverage industry.

Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.

Odd Coffee Company - the startup that's tackling coffee wastage by offering sustainably-sourced surplus coffee, rescued from British roasters.

Tech Nation shares an overview of the impact they have had on the UK's tech economy and ecosystem.

The lowdown on London-based Tutti and its digital marketplace that connects event space owners with the creatives wishing to book them.

UK-based and got a business idea with a link to colour or colouration? A new investment fund from The Dyers' Company is well worth a look.
Published on: 13th December 2012
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Leading French Travel Co. Offers Mentoring to two UK startups on its prestigious two-month programme 23rd Jan 2023 High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.
- Small businesses need new model for growth in recession 23rd Jan 2023 Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.
- Tech Nation responds to the DCMS Digital Growth Grant announcement 20th Jan 2023 Tech Nation shares an overview of the impact they have had on the UK's tech economy and ecosystem.
- Colour/dyeing industries- seed capital investment fund launches for UK entrepreneurs 19th Jan 2023 UK-based and got a business idea with a link to colour or colouration? A new investment fund from The Dyers' Company is well worth a look.