Updated: Nov 18, 2018
Every successful company starts with an idea, whether simple or complex. In order to get this idea out of our clients heads and onto paper, we often begin with a simple list of seven questions. If you can answer these questions, you are on your way to writing an executive summary of the business.
However, don’t take them lightly. You may be tempted to answer these quickly with single sentences.
Write at least one paragraph for each one and stretch yourself to the limit as you write to try and get even fleeting thoughts down.
We will explore this more in Part 2.
1. What is it?
Each successful business begins with a Why and moves towards a What. Chances are if you’re here, you have a Why already. Therefore, it’s time to think about your “What”.
2. What does it do?
Every business solves a need. What is the action your taking to do so? Write as much as you can regarding the specifics of actions rather than “We do X, Y, and Z”
3. Why does it matter?
Write out your motivation. First write the whole paragraph or term-paper sized version and then hone down the paper to a single sentence which will become the motto which carries you to the end of the exciting and troublesome journey into owning your own company.
4. Why is yours different?
Are you a fast-follower? Is it a new business model? What is innovative about your business that makes you think it will work for sure?
5. Is or will there be defensible Intellectual Property?
There is a distance between innovation and intellectual property. Not every success lays in new IP, but if you need to look for protection of your ideas, it is good to think about it early. However, remember that patents are not always the best option and are useless if not written well.
6. What’s in it for the investor?
The optimal business wouldn’t need investors so that you own 100% of the fruits of your labors. However, it’s better to own 10% of a billion dollar company than 100% of a hundred dollar company. Consider what would make your investors happy? What’s in it for you as well? You are investing your time after all. Do you have an exit strategy? Have similar companies succeeded?
7. Why you / your team?
Not as simple as a personal resume, but rather a business resume. To build authority, you have to find the authority. Who has experience in this business model or area on your team? If the answer is nobody, it's time to look for a team. Argona specializes in team-finding if you’d like to use the Network Connection Care Package option available on our store. Otherwise, social networks like LinkedIn offer potential connection opportunities to find business partners. It can take some time, so don’t give up.
Look for Part 2 on 11/18/18.
Keep questing to be better, fellow Argonauts.