How to Evaluate a Business Idea: 25 Point Checklist for Entrepreneurs

Does it solve a problem? Is there a real need for your product or service?

Is there another product or service that solves the same problem?

How big is the market for your product or service?

Can you describe your product or service in 25 words or less?

Is the need for your product new, trending or declining?

Can your product solve the problem better, and how?

Are there potential liabilities or risks with your product or service?

What\'s your potential cost to start the business?

What are the potential profits for this business?

Can the people who need your product afford it?

Is your product patentable?

Is your product or service regulated or perishable?

Can this business\'s product or service lead to other related products and services?

Who are your potential competitors?

How long will it take to get your idea to market?

Are the potential risks and rewards acceptable?

How will you fund your business?

Do you want to run this business yourself?

Do you have the skills to launch and run this business?

What support team will you need for your business?

Who will manufacture your product?

How would people get your product or service - is it local, shippable or digital?

How will you market your product or service?

Once purchased, how much support will you have to provide customers?

Do you WANT to be an entrepreneur - or do you really just want to make money?

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