I often come across young clients who have great innovative ideas. They have the zeal, enthusiasm, marketing skills and dedication required to work. But still in the end their project seems like a looser. That’s because they did not think about 3 basic questions that is essential to be answered even before thinking of a business plan. Here they are:
I’ll substantiate this with this example.
I once had a client who wanted to build a niche training website for trainers in specific industry. The client was very determined to go ahead with it and had approached me for software development directly instead of business consultancy. I asked him a few questions. The “what” was answered. The “why” was answered. But now came the dirtiest question “how?” At the end of the conversation, he realised that the project is very good, people will definitely subscribe to his service but. The industry was very niche and moreover it was for trainers only which further reduced the addressable market. Eventually all his Hard Work of over a few months was wasted because of a small negligence.
So friends, remember to answer these three questions before you delve deep into any business idea.
Not many of entrepreneurs are from management backgrounds and hence I am trying to make the start-up planning easy for everyone.
And I hope this series will help you get better at business. Do let me know your thoughts by putting a comment below.