The 2-Minute Opportunity Checklist for Entrepreneurs

business idea checklist

So you scored 17+ on the Isenberg 2-Minute Test (test to find out whether you should be an entrepreneur) and you came up with your first business idea. The problem is you’re uncertain about whether this idea is worth investing your time, your money and your effort.

All you need is a simple way to test your idea.

Answer the following 17 questions by yes or no and you’ll know whether your idea’s worth something.

  1. Does your business idea reduce someone’s pain, discomfort, frustration or dissatisfaction?
  2. Are there lots of those people out there?
  3. Do these people have money to pay for it?
  4. Will they be able to decide rapidly to buy your product/service?
  5. Does your idea make use of something about you that’s unique or special?
  6. Do you have important assets that no one else has? (money, access to customers, technology, leadership skills…)
  7. Can you think of at least 2 people who might join you?
  8. Do their skills complement yours?
  9. Do you share the same values?
  10. Do the majority of people whose opinion you respect think your idea is a good one?
  11. Does at least one person (but not more than 3), whose opinion you highly respect, think your idea is a bad one?
  12. Is there something about the idea or its implementation, that compels you to really devote yourself to it?
  13. Can you sneak by your future competitors without them noticing you for awhile?
  14. Can you find a potential customer who will accept to give you feedback and try a pilot out?
  15. Can you start up on a shoestring?
  16. Can you keep your fixed costs low during launch?
  17. Does your idea lend itself to small incremental steps that can inexpensively generate valuable information and a little cash at the same time?

If you scored 16 or higher then you should seriously consider starting your business!

So have you scored 16? Has this test helped you feel more confident about your idea? Let me know in the comments below!

Simon Cave

source : Daniel Isenberg (Harvard)

6 comments… add one
  • Michael Weare December 11, 2014, 4:21 pm

    Great article. Much to think about. Thanks

    Reply
  • Brian @ Luke1428 December 16, 2014, 1:32 pm

    I really like these questions. So many would-be business owners never stop to ask questions about their idea…that’s why so many fail.

    Reply
    • The Becomer December 16, 2014, 3:48 pm

      That’s right! Thanks for your comment.

      Reply
  • Starlin Gonzalez March 14, 2015, 1:22 pm

    Great post, helps get the idea clear

    Reply
  • Muhammad March 2, 2016, 6:22 am

    Begun, the great internet edtaouicn has.

    Reply

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