If you're considering investing your money or energy in any new opportunities, here are a few questions to ask yourself before jumping in
Imagine these questions are traffic lights. How many are shining green to you right now? Remember: On any dashboard, a red light indicates caution!
1. What is the size of the opportunity?
2. Do customers just want this product, or do they need it?
3. What is the pain point this product addresses?
4. What are the capital requirements?
5. What kind of profit margins does this sector enjoy?
6. What are the three most difficult problems expected in establishing this business?
7. How well do they align with the founders’ skills and resources?
8. Is this business easily scalable?
9. Does this solution offer opportunities for spin-off products and services?
10. Are there positive social values attached to this product or service?
11. Do you (and any other founders) enjoy doing this work?