A serious note to entrepreneurs in asking oneself; should my business happen?
1. The business’s cause?
Questions:
a. What are the company’s vision, the responder to the vision inclusive of customers/ clients and the talents.
b. Who will anti the Company’s vision, why and by how you will turn them into your alliance?
2. Market
a. Option 1: Is the market is already available; for example if you are to create a food delivery application then the Grab, FoodPanda and Tapau are in the food delivery applications’ market.
b. Options 2: To create an entire new market; for example Tesla in creating a new market for electronic cars.
c. What is the product/ service’s life cycle, sustainable factor and how does the exit strategy works on?
d. The PESTEL (politics, economic, social, technological, environment) effect towards the Company and products.
e. How big, potential from the market and why people should by from you?
3. Products/ Services
a. The fitness: Who will your buyer (Business-2-Business or Business-2-consumer or both B2B and B2C).
b. The location & performance of the buyers: Are you selling ambience, hybrid or entire digitally and how is their spending power towards your product/ service?
c. The Business Gap: What are the current gaps that you want to solve; for example gap between Hawkers and Customers during Lockdown, Business Owners and Compliance, Busy Families and Grocery. Are your business able to close the gap and able to viral?
d. Ecosystem: Are the ecosystem supportive to your Company as such, suppliers, office & facilities, logistics, security, professional services and available pool of workers?
e. What problems that the business is going to solve and what is Unique Selling Proposition (USP)- in short why your targeted customers should buy from you?
4. Technology adoption
a. Is your business ready for technology adoption; if yes, how it helps and what will be the key fixtures and if no; what are the further lost in opportunity cost?
b. List the improvements and risks after done technology adoption on the products/ services. For those business which is not adopting technology, what are the obstacles?
5. Advantages
a. Identification of suppliers, the choice, contingency (what-if), who is having the upper hand and the credit terms.
b. Is the business able to pivot to a new stream and do list out the options; for example; Airasia is doing airlines and pivoting to super application maker during the pandemic.
c. Who are your direct competitors and in-direct competitors and what are their current market’s shares?
d. Where are they now; within your business radius, Google page 1, Insta with 100k followers, Lazada or doing FB live?
e. How you going to win them in the battle?
6. The organs
7. Strength Hero and Power
8. Wealth Management