This video shows you how to review your results and decide whether to continue.
- So after you run these tests,…what's next?…Well simply to decide whether you have a valid…business opportunity or whether it was just a great idea.…Remember what I said at the beginning,…failure is always an option.…So how do we access whether it was a success or a failure?…First of all, take a look at the targets…you set at the beginning.…At the bottom of that micro-plan, what did you say…was the criteria of success?…Did you reach that criteria?…Also, when you asked your customers…or potential customers what they thought about this,…what did they say?…What was the feedback that they gave you?…Also take a moment…and put on your skeptical investor glasses.…
What I'm talking about is, if you stood up…in front of a bunch of people who had money to invest,…what questions would they ask,…what would they think about the results that you got?…You could also go to a third party and have them review…the results with you.…Say I want you to act like a skeptical investor.…And whatever feedback they give you,…calmly take it in.…
- Recognize effective an ineffective starting points for finding new business ideas.
- Differentiate between business ideas with opportunity factors and those without.
- Break down how demand relates to choosing a business idea.
- List some of the resources you should assess before beginning a business.
- Explain what proprietary advantage is and how it can benefit your business.
- Summarize the benefits of creating a micro business plan before you invest money in your idea.