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Train myBiz

5 Step Venture eMentoring Program™

Session 2: Business Idea

Module 2d: Business Idea Profile

If you already have an idea for your business venture, write it down, and then list all the reasons you think it is a good idea, and one that you can make succeed. Just as you would consult a map to identify and plan the best route for a long journey, it is valuable to identify the core components or profile of your venture before you get started - for example, what resources will you require, why do you view the venture as viable, and who will buy what you are offering? These are just a few of the questions introduced below that will guide you in further profiling your business concept.

Instructions: Think about your idea(s) for a business venture and answer the questions following to begin the development of an operational framework. If you do not know the answer, write down the best answer you can think of at this point in the development of your ideas - you can always come back later and change your answer - discuss the results with your mentor, counselor or partner.

Please fill in questions proceeded by a double asterisk and marked in red

1. What is (will be) the business?

2. What type of business - retail, service, craft, manufacturing?

3. What are the specific products/service that will be sold?

4. Why is your business going to be profitable?

5. List three reasons why you think that this is a good idea:

6. What market (customers) do you intend to serve? Where is the market located? How big is the market? What is your expected market share?

7. How will you get your products or services to this market, or how will they (customers) get to you?

8. Why can you serve this market better than your competitors?

9. Why have you chosen your particular location?

10. Is there really a need for another business like the one you are planning to start?

11. What management and other personnel are available and necessary for operating the business?

12. Why (if appropriate) will debt money or someone's equity investment make your business more profitable?

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