by: Entrepreneur Outfitters • 7
Developed by a Venture Capital firm to help entrepreneurs assess the viability of their business ideas, Entrepreneur Monkey asks 23 easy to answer questions with multiple-choice answers. If your business idea passes muster, then Entrepreneur Monkey will dance for you. If your business idea isn’t mature enough, well, he does something else…
The questions we use to assess the viability of a business model are:
How many customers are there for your product/service?
How easy is it to find your customers?
What are your customers' spending patterns for similar products/services?
Will you have repeat sales, or is it a one-time sale?
What is the dollar value of your product/service?
Once you've sold your product/service, does it need any ongoing sales support?
Does your customer perceive your product/service to have any competitive advantage?
Does your product/service have to be customized for each customer, or is it cookie-cutter?
How long is the sales cycle?
How easy is it to get into this business?
Can you list you top five competitors?
How many promotional activities will you need to "keep you name out there?"
How many "entry points" are there for a customer to buy from you?
My market changes frequently.
High Margins or Lots of Sales (high volume)?
How important is your product/service?
How much will you be able to up-sell?
How much will you be able to cross-sell?
How comfortable are you that the cost of your "raw materials" will be predictable?
How expensive is it to enter this business?
Does your product/service have a short or long life cycle?
How much of the money you make will you have to put back into the business to keep your market share?
How much will it cost to stay on the "cutting edge?"
Good luck, have fun, and we hope the monkey dances for you!
- Entrepreneur Outfitters
Keywords: start-up, startup, entrepreneur, starting business, starting a business, start a business, business idea, entrepreneur monkey, monkey
Tags: entrepreneur test monkey , entrepreneur monkey , keywords for success of venture capital for education