Along with your idea, one of the most important pieces of information in your business plan is the knowledge you gather about the market you’re in, and how well you can demonstrate the financial viability of your idea.
Listed below are the top eight critical factors driving entrepreneurial success, as identified from research by the non-profit Canadian Innovation Centre. Ask yourself the following questions to put your business model to the test:
1. Performance advantage.
Is your product or service distinct from what’s already in the marketplace, and how?
2. Market readiness.
How close are you to getting your product or service into the market?
3. Uniqueness.
Do you have any advantage that could keep potential competitors from copying what you do?
4. First customer.
Do you already have customers who can vouch for your business, or who are prepared to do
business with you when you start up?
5. Distribution.
Do you have a plan or method to reach new customers?
6. Market size.
Is the market big enough to generate sufficient revenue and leave room for growth?
7. Personal qualities.
Do you have the experience and industry knowledge to see this through, or are you
affiliated with expert advisors?
8. The financial plan.
Can your forecasts stand up to the test of reality?
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