You’ve come up with a great idea for a new product, but how do you know for sure. Ask yourself these question:
1. What problem are we trying to solve?
2. How does the product solve the problem? ( most only solve 90% of the problem)( the last 10 % is the key) 3. Who are the end users? (individuals or group) who are you selling to? (individual or group) can be different
4. Is there a clear business model? Who are the economic buyers?
5. Does the product solve the end users problem?
6. Are you sure that what your building is a product and not just a feature?
7. Does your Product/Idea fit into the way people work?
8. Are you too involved in how you are building something rather than what you are building?
9. Who are the required partners and who are the potential partners? Prioritize them!
10. What is the go to market strategy? – who has the money? target a market 11. What is your sustainable competitive advantage?
12. Are you to early?
13. Can you be number 1 or number 2? who is your competition?
14. Is there a team formed/identified that has a record of success with ventures?
15. Is there someone who is the soal of the team and knows the product direction for the next 5 years?
16. Is anyone on the team insane? passionate but unfocused 17. are there product, technology or operational barriers to your success? can they be overcome?
18. Are there marketing or sales barriers? can they be overcome?
19. Are there any legal barriers? can they be overcome?
20. Is there an exit strategy?
