A checklist for entrepreneurs
“It will never sell” is sometimes the kindest thing you can say to a budding entrepreneur. Aside from being a good test of their determination (an essential attribute) it is all too often true.
Even if you have identified a problem that the competition isn’t addressing and even if you have proven that the technology can address it, there is another level at which the proposition needs to be tested. It’s not rocket science, and it may not give you the answer you want, but an honest appraisal of the ‘NDA’ could save a great deal of wasted time and money:
Need
How pressing is the need that your product addresses? For the individuals who you are targeting, is the problem you solve big enough to command their time and attention? Will it even appear on their radar? If not then you are going have trouble getting more than polite interest, no matter what percentage return on investment you can offer.
Desire
Some problems were never destined to be solved. Some business decision makers are motivated by political agendas such as avoiding personal risk or selfish empire-building. Many individuals – both consumers and in business – are afraid to make the changes they know are needed. Do your target buyers really, really want what you are proposing?
Ability
Can the people who would benefit from your product afford it? If not then who else are you going to have to persuade? The public sector is notoriously fickle when it comes to obtaining funding, no matter how much benefit society would derive. And in business, the people who need your product may not have the purchasing authority – because of the price, because of the cost centre(s) into which it falls, or because other people have control over that area of the business (a frequent problem with complex IT systems).
If you have what it takes to launch a successful start-up then you probably could answers these questions yourself. But if you would like the insight of an experienced outsider to help you explore the issues then please get in touch.