Most often when starting a new business it is critical to evaluate the opportunity before making a decision to proceed. You must thoroughly analyze the risks and benefits of this opportunity. Doing this enables you to make an informed decision and increase your chances of success. This can also help you to let go of an opportunity once you realize it falls short in one aspect.
You need to answer the following questions.
- What is the problem you are trying to solve?
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- Who are the different customers segments experiencing this problem?
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- How often do the segments experience the problem?
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- Which segment experiences the problem the most times and they want the problem gone the most?
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- How does your product differ from existing products or services?
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Successful entrepreneurs are those who are keen to learn as much as possible about customers in order to understand the problem.
