Business Selection Checklist
‘if you’re clear on what you believe, you have a clear foundation to go and make a market’ Ginni Rometti, CEO, IBM Description Action to be made
Your Business idea: To open a webstore and sell products to consumers
Your Knowledge: How much do you know about the area? Will you have to spend extra time and money teaching yourself the business? Will you have to take on a partner because you don’t know the business well enough?
Your experience: In some cases, you may have a lot of knowledge about the subject, but not much experience. Have you ever owned or worked in this type of business before? To what extent is hands-on experience crucial to the business?
Your skills: Ignore, for now, those skills that might be common to each of your ideas, and try to concentrate on skills that are unique to that business. To what extent do you possess those skills? If you lack them, how difficult will it be to acquire them?
Ease of entry: Think both of the costs of entering the business and of the competitive barriers that might exist. For example, a service business that you can run from your home might be relatively inexpensive to start, but if several others are already providing that service, entry in the field may be difficult.
Uniqueness does not necessarily mean that literally no one else is providing the same product or service; it can mean that no one else is providing the product or service in the same way you intend to provide it, or it can mean that no one else is providing that product or service in your area. You’re looking for some way to distinguish your product or service from others who are already in business.