Entrepreneurs - 15 Questions to Ask Yourself

Whether or not you are planning your start-up, launching a new product and/or focusing on what it will take to get your business to the next level, ask yourself these questions.

1. Clarify my goals ... where do I want to go?
2. What kind of enterprise do I want to build?
3. What risks & sacrifices does such an enterprise require?
4. Can I accept these risks and sacrifices?
5. Setting strategy ... how will I get there?
6. Is the strategy well defined?
7. Can the strategy generate sufficient profits and growth?
8. Is the strategy sustainable?
9. Are my growth goals too conservative or too aggressive?
10. Executing the strategy .... can I do it?
11. Do I have the right resources and relationships?
12. How strong is the organization?
13. Can I play the role required? 
14. What knowledge, experience and skills gaps exist amongst my team and I?
15. What advisors can I put in place for support? 

 
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Growing Your Business - Evaluating Risk

When considering the risk for your own business, a new product or service launch or a company you may be looking to partner up with ..... the following 8 areas may be a helpful check list for your due diligence:

1. Market Risk - will the market be willing to buy the product/service on a significant scale? What are the chances the market will change?
2. Sales Risk - will the selling process work or will it be too costly?
3. Product/Service Risk - will it work?
4. Technology Risk - will the technology work? Will it be surpassed soon in a significant way?
5. Competitive Risk - can one or several competitors get too big of a lead or dominate the market early? Take an action to create a barrier to entry? Can any suppliers control key resources/capture profits?
6. Financing Risk - will additional financing be required as you move into the future?
7. Operating Risk - will management be able to cost effectively operate the company?
8. People Risk - will key people perform or leave the company?

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