Venture Planning Associates. Used by permission.
Questions to Answer Before
Starting Your Venture
Venture Models: How can you turn the idea into a viable business?
List all the possible customer/product concepts to meet the needs
Can you do this best by R&D with
licensing, distribution, retail, or service company models?
and list all concepts. The last 20% will be the strongest ideas.
After listing and outlining all concepts, choose the best three that will
serve your customers.
Next, ask yourself is it unique, can it be copied, and how can I make it
Is there current competition and how will I gain a competitive edge over
How much time is needed for the
pre-startup phase and how does it affect the window of opportunity?
How can you shorten the time frame or extend the market window? What factors
control the time frame and how can it be impacted by others or outside
How can you control risk? Can you pre-sell or pre-qualify likely sales?
What are the major
risks associated with the model and how can you reduce the risk?
Has anyone else started a similar
you know what their
mission, experience and results were? How long did it take them to get
started? What resources were required and what are the lessons learned from
What type of venture is this?
Lifestyle, High Profit, or High Growth?
Compare the answers to all three of these models and evaluate the results.
8 Key Entrepreneurial Questions
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