The Ten QuestionsAn Adaptation from The 24 Steps to

Entrepreneurial Success

Prepared by: Max Lee

Who Are You?

• Are you the entrepreneur we are looking for?

• What makes you special? (e.g. vision, mantra)

• Why should we back you (or your team) instead of another with a similar idea?

What is the Idea?

• What problem are you trying to solve? (market research)

• Why is that problem important? (market validation test needed)

• What are the concepts behind your solution? (cost-benefit analysis)

• Have you checked the necessary due diligence and compliance(s) needed?

What is the Product?

• What does it look like and how does it work?

• Do you have the prototype already? E.g. prototype on paper (POP), simulation

• Why is this product feature matter?

• Will your product become obsolete too quickly?

Who Cares?

• What is the profile of a typical user of your product/service? Identify 10 potential customers.

• What is the size of your total addressable market (TAM)? How did you determine this?

• What is your target market?

• Have you validated your idea/product/service with the end users?

• Are your user the buyer as well?

Who is Your Competitors?

• What companies were already in the market or about to move into it?

• How do you anticipate for the competition? (e.g. strategic partners)

• What advantage do you have over your competitors?

• Why launch now?

How to Reach Your Users?

• How will you distribute/sell it?

• What are your business models and pricing frameworks? (e.g. B2B, B2C, B2G, C2C, social enterprise, ad, licensing, merger & acquisition)

• Who will be your targeted strategic partners? Why?

What are Keys to Success and Risks?

• What do you have that will make you successful?

• What are the biggest risks with your product? How will you mitigate them?

What are Your Key Milestones?

• What must you have accomplished? By when?

• Is there any better sequence of things to accomplish?

How Much You Need?

• How much money do you think you will need to raise over time?

• Where to seek for money?

• What is the total cost (of production/development)?

• What is the Return on Investment (ROI)?

• What is the exit plan for investor?

What are You Missing?

• What will you need to get to make sure you are successful?

• What are the assumptions you have made?