REVIEW OF QUESTIONS
1. Having an idea that provides a new and innovative perspective can be very valuable, especially if it provides some of the following features:
a. Smaller
b. faster
c. less expensive
d. fits into a persons life style
e. having a clear purpose value etc.
2. The feasibility of building a product improves the time to market as well as the cost of human resources (man power) to build.
3. Many times competition is good as it validates a need for your product or service. This totally depends on the (SWOT) Analysis of your competitor and your idea.
4. Many fantastic ideas do not materialize because the idea generator or inventor is not fully passionate behind their idea. When things get tough those that are most committed will tend to continue and not give up. This is necessary to attract others to invest or join your team.
5. Doing a thorough market research can improve the chances of success significantly. Knowing who your competitors are , who your perfect profile customer is and the number of the people that would potentially want to purchase from you.
6. Understanding how large your market is will be very essential. e.g. Say the potential number of customers that could use your product is 1,000,000, you will estimate to capture 10% of the market population (100,000). If you were to capture the 100,000 customers, would that sustain your business.
7. Also have several potential customers other than yourself or a friend or family member confirm that they would buy your product, that they will use the product and pay the amount you would like to sell it for. Industry experts are the best to speak to and validate.
8. Some industry experts may desire to invest. It will show their confidence in what you are doing.
9. Investors whether Angel investors or friends or family like to know that you invested in your own idea first. That you risked your own money because you believe so much in what you are building. It also shows a level of competence and provides some strong motivation not too give up. Others would be potentially willing to invest as well