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Business Idea Checklist

Where do good ideas come from?

Thesis

What is the theory for creating value?

Principles

Problem

What problem are you solving?

Why is it important to you to solve this problem?

Purpose

Where are you going do?

How are you going to deliver value?

What long-range benefits are you going to create?

Process

What Intellectual Property do you need to develop?

What is the first step improvement you can make?

Platform

Strategy to leverage latest technology?

What is your business suite?

What is your tech stack?

People

Customers

Have you identified your ideal customer? Understand what they desire? What their triggers are?

Does your idea have a natural sales appeal?

Customer value, Can customers afford it? Will they buy it? Is there a timing factor?

What resistance or difficulties to overcome to make sales?

Is the market ready for it?

Partners

Who can help you expand into markets?

What suppliers do you need?

Have you locked in supply contracts?

Professionals

What professional services do you need?

Who can fill those roles?

Team

Culture fit?

Who do you want to work with?

Planning

Have you closed standard business process gaps?

Have you closed key operations process gaps?

How are you going to deliver?

How complex will it be to execute strategy effectively?

Marketing

Is there a clear and obvious need or do customers need education?

What is the competition doing in this area?

Profit

How much money do you need to get started?

When will you need a cash injection?

How soon before you are making money?

How many revenue streams?

What risks could change your revenue streams?

How confident are you in your predictions?

How do you intend to reinvest profits?

Decisions

What decisions do you need to make at the moment?

What metrics do you need to make good decisions?

What needs to be decided in the next six weeks?

What needs to be decided in the future?

Review Questions

Have you considered all the benefits?

Have you considered all the risks?

What variations of this idea might be possible?

How strong is demand?

How strong is your appetite for it?

Checklist Score

Copy into a spreadsheet to track your evolution of belief.

CategoryQuestionImportanceClarityExecutionPerson ResponsibleLast Review Date
Purpose: ProblemWhat problem are you solving?---
Purpose: ProblemWhy is it important to you to solve this problem?---
Purpose: VisionWhere are you going to do?---
Purpose: VisionHow are you going to deliver value?---
Purpose: VisionWhat long-range benefits are you going to create?---
ProcessWhat Intellectual Property do you need to develop?---
ProcessWhat is the first step improvement you can make?---
PlatformStrategy to leverage latest technology?---
PlatformWhat is your business suite?---
PlatformWhat is your tech stack?---
People: CustomersHave you identified your ideal customer?---
People: CustomersIdeal customer: understand their desire?---
People: CustomersIdeal customer: what their triggers are?---
People: CustomersDoes your idea have a natural sales appeal?---
People: CustomersCustomer value: can customers afford it?---
People: CustomersCustomer value: will they buy it?---
People: CustomersCustomer value: is there a timing factor?---
People: CustomersWhat resistance or difficulties to overcome to make sales?---
People: CustomersIs the market ready for it?---
People: PartnersWho can help you expand into markets?---
People: PartnersWhat suppliers do you need?---
People: PartnersHave you locked in supply contracts?---
People: ProfessionalsWhat professional services do you need?---
People: ProfessionalsWho can fill those roles?---
People: TeamCulture fit?---
People: TeamWho do you want to work with?---
PlanningHave you closed standard business process gaps?---
PlanningHave you closed key operations process gaps?---
PlanningHow are you going to deliver?---
PlanningHow complex will it be to execute strategy effectively?---
MarketingIs there a clear and obvious need or do customers need education?---
MarketingWhat is the competition doing in this area?---
ProfitHow much money do you need to get started?---
ProfitWhen will you need a cash injection?---
ProfitHow soon before you are making money?---
ProfitHow many revenue streams?---
ProfitHow risky are your revenue streams?---
ProfitHow confident are you in your predictions?---
ProfitHow do you intend to reinvest profits?---
DecisionsWhat decisions do you need to make at the moment?---
DecisionsWhat metrics do you need to make good decisions?---
DecisionsWhat needs to be decided in the next six weeks?---
DecisionsWhat needs to be decided in the future?---
Review QuestionsHave you considered all the benefits?---
Review QuestionsHave you considered all the risks?---
Review QuestionsWhat variations of this idea might be possible?---
Review QuestionsHow strong is demand?---
Review QuestionsHow strong is your appetite for it?---

Resources

URLNotes
How to qualify a business idea