7 Really Good Questions to Ask 0

I had an excellent Friday and Saturday last week at the Rice University 2008 Business Plan Competition, a reminder for me that some scientists and some ideas make great new businesses. I have to say that because I so often state that the idea is an overvalued component of a new business (compared to the implementation), and that wasn’t the case with some of these. More on that some other time.

As part of that competition, in a judges’ meeting before it started, Rice Alliance for Technology and Entrepreneurship managing director Brad Burke shared the following list of questions to ask about a new venture:

  1. Is there a real need? What problem is being solved?
  2. Is the market big? Will customers pay for this?
  3. Is there sustainable, significant differentiation?
  4. Is there IP (patents)? Exclusive license?
  5. Are members of the team committed to launch this business?
  6. Strong management team? Are gaps understood?
  7. Are the timelines, milestones, capital needs and financials realistic? Is there an exit in five to seven years?

The context Friday morning was judges looking at business plans, but I asked Burke for permission to share this because it’s a good list for anybody to use.

And while I seem to be on the theme of business plan competitions–I posted about one here Friday; there are a lot of them in April, and I’ll be judging at the University of Oregon this week and the University of Texas at the end of the month. I posted about the Forbes $100,000 business plan contest for existing companies over at Business in General. Forbes is accepting applications now through the end of May.

About the Author Tim Berry is the founder and chairman of Palo Alto Software and Bplans.com. Follow him on Twitter @Timberry. Follow Tim on Google+ Read more »

RATE THIS ARTICLE 1 Star2 Stars3 Stars4 Stars5 Stars

How LivePlan makes your business more successful

LivePlan: Online Business Planning Software

If you're writing a business plan, you're in luck. Online business planning software makes it easier than ever before to put together a business plan for your business.

As you'll see in a moment, LivePlan is more than just business plan software, though. It's a knowledgable guide combined with a professional designer coupled with a financial wizard. It'll help you get over the three most common business hurdles with ease.

Let's take a look at those common hurdles, and see how producing a top-notch business plan sets your business up for success.

Click to continue