There are few things more exhilarating than having an idea for a new business, if you have the entrepreneurial spirit of adventure, “can do” and any thing is possible. Entrepreneurs can see a pot of gold at the end of every good idea. It is that spirit that I appreciate about entrepreneurs and it’s why I am a business coach. It’s their energy and enthusiasm that lights me up. Enthusiasm and the “can do” spirit have created many great innovative services that wouldn’t have been available otherwise.
Recently I was approached by a colleague about a new idea. I was excited for her; I could see that this idea would work. I know she has the spirit, the intelligence and the drive to pull it off. I also could see how she could make a lot of money with her idea.
Before she quit her day job and plunged into implementing this new idea, I recommended that she ask herself the following 5 questions.
- Who is your target market?
- How can you know that that target market actually wants or needs the service? What problems will you be solving to meet the needs of the target market?
- How will your service be different from those of your competitors? Keeping in mind that there are already solutions being offered, how is your solution to the target market’s problem better?
- What will be the “WOW” factor of your business service? Jeanne Liedtka, a design and innovation expert at the University of Virginia’s Darden School of Business says this about the “WOW” factor: “That’s the intersection of something that customers want, that you can create, and that’s likely to have a profitable business model associated with it.”
- How much capital do you need to fund the foundation and maintenance of the business before it turns a profit?
These questions are not the only ones to answer, however, they are great starting out inquiries to allow your new entrepreneurial adventure to succeed. Actually spending time with these questions will point you in the direction that will be most effective in getting your business started up.
If you get stuck along the way, please call me. I am here to partner with you to make your business idea be as successful as you dream it will be.
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