Bulletproofing Business Ideas5 key questions for testing the strength of yourbusiness ideas
Short and sweet is the rule         Test the strength of your idea by answering         each of the following five questio...
Question #1:         Who are your target customers?                      Be specific. Very specific.                     ...
Question #2:         What problem are you solving for your target         customers?                      Be clear & prec...
Question #3:         What must change about the status quo in         order for your offering to succeed?                 ...
Question #4:         How will customers know if you ‘delivered the         goods’?                      This is your “ben...
Question #5:         How will you know if your product         succeeded?                      Express this in business t...
Putting your answers to work         The more often you ask these five questions,         the more likely your business id...
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Bulletproofing Business Ideas

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5 key questions for testing the strength of your business ideas

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Bulletproofing Business Ideas

  1. 1. Bulletproofing Business Ideas5 key questions for testing the strength of yourbusiness ideas
  2. 2. Short and sweet is the rule Test the strength of your idea by answering each of the following five questions using less than 15 words, in less than 15 seconds:  Who are your target customers?  What problem are you solving for your target customers?  What must change about the status quo in order for your offering to succeed?  How will customers know if you ‘delivered the goods’?  How will you know if your product succeeded?© Arnold Wytenburg
  3. 3. Question #1: Who are your target customers?  Be specific. Very specific.  Consider different customer roles: • The ‘economic’ customer – the person who pays you • The ‘functional’ customer - the “end user” • The ‘beneficiary’ – the person who gains the benefits accruing from a purchase • The ‘decision-maker – the person who decides to buy • The ‘decision-influencer’ – the person who shapes the decision to buy© Arnold Wytenburg
  4. 4. Question #2: What problem are you solving for your target customers?  Be clear & precise  State it in the customer’s words • “we make the customer fulfillment process more efficient”  Say it “in numbers” • “we help users do X three times faster, thus saving $Y”© Arnold Wytenburg
  5. 5. Question #3: What must change about the status quo in order for your offering to succeed?  If you don’t know, ask your customers  The usual candidates include: • Current thinking • Organizational structures • Existing technologies and methods • Political and economic will • The competition© Arnold Wytenburg
  6. 6. Question #4: How will customers know if you ‘delivered the goods’?  This is your “benefit statement”  Qualitative outcomes • Look for simple metaphors and analogies to help describe these  Quantitative outcomes • Say it in numbers© Arnold Wytenburg
  7. 7. Question #5: How will you know if your product succeeded?  Express this in business terms • Marketing: – Positioning – Penetration – Profitability – Growth • Financial: – Revenues – Profits – Leverage© Arnold Wytenburg
  8. 8. Putting your answers to work The more often you ask these five questions, the more likely your business idea will be robust  Remember the “Three R’s” of bulletproofing business ideas: • Review • Revise • Repeat  Do this individually and as a team  Involve ‘outsiders’ – customers, prospects, competitors, industry experts, mentors, advisors© Arnold Wytenburg

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