How To Change Your Idea Into A Business

5 Questions For Aspiring Entrepreneurs

  1. What value are you providing? (Example: Facebook was connecting people)
  2. How will you reach your customers? (Example: Facebook used social networks)
  3. How will you make money? (Example: Facebook made money by selling ads)
  4. Can you get enough customers at that price point? (Example: Facebook would never have been able to sell enough ads to survive.)

1. Who is your customer?

Who is your customer? This is the most basic of all questions. If you don’t know who your customer is, how could you know what value you are providing?

2. What value are you providing?

Once you’ve identified your target customers, it’s time to figure out what value you’re going to provide for them.

3. How will you reach your customers?

Next, you need to figure out how you’ll reach your customers. This is especially important if you’re targeting a niche market because it will tell you what kind of distribution channels or methods you should use to reach them.

4. How will you make money?

How will you make money? This is where most startups fail because they don’t pay attention to this question until much later on in their journey.

5. Can you get enough customers at that price point?

Finally, you need to figure out whether you can get enough customers at a price point that will allow you to make money.

Final Thoughts:

As you can see, the questions are easy to ask, but not so easy to answer. It takes time and effort to figure them out. But the earlier you start asking these questions, the better. It’s better to have a good idea than a best-selling product or service that no one wants or uses!

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.