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5 Key Questions when Building your Business

A successful business is made up of 3 interdependent and critical parts, a great idea, great people, and access to capital..If any of those parts are missing chances are that your company won't acheive it's potential..

So how do you go about developing the team and getting the capital or partnerships that can give you access to resources? The key is in being able to communicate with potential funders, collaborators, or key employees in a way that helps them understand what you're doing but more importantly gets them excited about the potential of your idea.

Before you go out and stomp for money take a some time to answer the following questions about your business:

  1. What is the problem you are trying to solve?
  2. How big a problem is this? What is the potential market size?
  3. Why is your solution the best alternative?
  4. What traits and assets increase the chance of successfully creating the solution and getting it to market? What are the risks?
  5. Why should they invest their time and/or money with you as the manager?

Talk to mentors, friends, and other contacts you trust to get feedback on the ideas your presenting. Making a mistake with them will save you a lot of pain later. Having clear answers to these questions will go a long way in helping you understand your buiness and where the soft spots in your plan are. Once you understand that you can take the correct steps to help create a package that can get people to start talking to you.

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