Does Your Business Idea Suck?

20 Questions | By Rbailis | Updated: Mar 16, 2022 | Attempts: 2107

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Get started instantly by entering your name below. Total est time: 5 minutes Total possible points: 85 points When you are finished with the test, see the guide below.

Questions and Answers

1.

Why am I starting a business?
2.

Does this idea solve other people's needs or problems?
- A.
  
  Definitely
- B.
  
  Some people's problems, yes
- C.
  
  Only a few specific people
- D.
  
  Not really
3.

Am I passionate about this idea or concept?
- A.
  
  Extremely passionate, I think about this every day
- B.
  
  Pretty excited, this is something I enjoy
- C.
  
  Sort of, I just know this is an issue for people
- D.
  
  Not really, but I think it's got potential
4.

Do I have an easy way to reach people who could use my product or service?
- A.
  
  Yes, I know this space and have several ideas for connecting to the customers who need this
- B.
  
  Probably, I've got a few ideas for how to reach potential customers
- C.
  
  I think so, but I haven't planned it out yet
- D.
  
  I'm not sure
5.

Do I have a target audience?
- A.
  
  Yes, I have a specific target audience in mind
- B.
  
  Not really, anyone can use my product
6.

Do I have mentors in this industry or space who have done something similar and are willing to coach me?
- A.
  
  Yes, several people
- B.
  
  I know one or two
- C.
  
  Not yet
7.

Am I willing to commit the next 5-10 years of my life to this one idea?
- A.
  
  Yes, definitely. Whatever it takes.
- B.
  
  Probably, as long as things are going well.
- C.
  
  Maybe... I'm not sure yet.
- D.
  
  I don't think so.
8.

Are you experienced with any of these?
- A.
  
  Market research
- B.
  
  Creating a website
- C.
  
  SEM
- D.
  
  Social media marketing
- E.
  
  Accounting and finance (or software like QuickBooks)
- F.
  
  Managing people
- G.
  
  Sales
- H.
  
  Local advertising or marketing
9.

Do I have the background for this business? Select all that apply:
- A.
  
  I have one or several directly-related skills in this specific area
- B.
  
  I have an educational background, a degree or certification in this space
- C.
  
  I have connections in this this industry
- D.
  
  I have professional experience working in a business like this
10.

Can I execute this idea in a unique and better way than my competitors?
- A.
  
  Yes, I have a concrete way of differentiating or being more efficient
- B.
  
  I think so, mine will be more unique/interesting
- C.
  
  I'm not sure yet
11.

I have always liked taking risks:
- A.
  
  True
- B.
  
  False
12.

Do I have enough money to build a basic version of this business without financial help?
- A.
  
  Yes, I have enough to get a basic version off the ground
- B.
  
  No, I will need to get a business loan or investors
- C.
  
  Maybe, if I can borrow some money from family and friends
- D.
  
  I don't know, I haven't figured out how much it will cost yet
13.

If I set the cost of the business aside, do I have enough money to pay the bills and make ends meet for...
- A.
  
  1 month
- B.
  
  2 months
- C.
  
  3 months
- D.
  
  6 months
- E.
  
  1 year+
14.

Have you researched any licenses, permits and insurance required to start this business?
- A.
  
  Not yet
- B.
  
  A little bit
- C.
  
  Yes, I know exactly what is required on the state, local and federal level
15.

Have I researched competitor prices? How much will I charge in relation to them?
- A.
  
  I've done research, but haven't decided how to price my product
- B.
  
  Not sure, I haven't done any price research yet
- C.
  
  I will price my product cheaper, without compromising quality. I have budgeted how to do this.
- D.
  
  I will price my product higher to meet our costs, but the quality or value will also be higher.
- E.
  
  The price will be similar or the same.
16.

Have you conducted market research or a competitive analysis?
- A.
  
  What are those?
- B.
  
  Yes, both
- C.
  
  I think so...
17.

Do I need help from others to build this business?
- A.
  
  Yes, and I've already asked people who are interested in joining
- B.
  
  Yes, but I haven't shared my idea or asked anyone yet
- C.
  
  No, I can build it by myself
- D.
  
  I'm not sure
18.

How complex is this business idea? If I quit my job today and just focus on this business...
- A.
  
  It could be up and off the ground in a week
- B.
  
  It would take about a month to be operational
- C.
  
  It would take about 90 days to be operational
- D.
  
  It would take at least 6 months to be operational
- E.
  
  I'm not sure how long it would take
19.

Are there already customers buying a product or service like this?
- A.
  
  Yes, quite a few
- B.
  
  There are some, within a specific niche
- C.
  
  No, the idea doesn't exist yet
- D.
  
  I'm not sure
20.

Is this business idea seasonal?
- A.
  
  Yes, it will be more popular during specific seasons, events or holidays
- B.
  
  No, it will be equally as popular year-round
- C.
  
  I'm not sure