Are you an entrepreneur?   …an entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit…” (Oxford dictionary)

Many people dream of working for themselves but what does this actually involve: long hours, financial uncertainty, stress, multi-tasking, responsibilities, burn-out and the possibility of failure.

But there are rewards if you have the passion, commitment and determination to back yourself.  But, just how great is your idea for a product, app, service or technology?  How do you know if your idea likely to be commercially viable, and is worth progressing?  Use our quick checklist to find out.

 Idea evaluation checklist – Can you answer these questions?

  • Idea – Does it solve a problem, address a need, fit a specific niche, have a strong USP (unique selling proposition)? Is it feasible, protectable, does anyone want it – how do you know?
  • Market – who will buy it, why, where, how much and how often? What is the size of market, customer profile, demographics, price, position? Is the market contracting or expanding?  Are there barriers to entry?  Have you undertaken any market research?
  • Competitors – who are the direct and indirect competitors? What are the threats and how will you manage them?
  • Path to market – how will you get your product, service or technology to market? Will you license, manufacture and/or distribute, do a joint venture, sell via a website or platform or use another strategy?
  • Development – if it’s a product or technology, who will develop it? How much will it cost? Have you considered quality control, packaging, freight, distribution?
  • Financials – do they add up? Do you have 3 year projections?  Do you know the break-even point?  Can you fund the business yourself, or do you need investors?  If you are seeking funding, how and where will you find it?
  • Team – what skills, experience, resources, know-how do you have? What other skills and resources do you need?  Where will you find them?
  • Business Plan – do you have a realistic business plan and can you implement it?

If you know the answers to most, if not all of these questions, and/or know how to find the answers you are probably ready to proceed to the next step.

Useful Resource: 

Need more information?  Contact INNOVIC for a free copy of INNOVIC’s Entrepreneurs’ Tool Kit.  www.innovic.com.au  or (03) 8060 3504 or info@innovic.com.au

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