Every week, I listen to more than 30 pitches which claim to become next breakthrough companies. I am in Startup ecosystem since 2012, and I watched very few startups to generate revenues before they hit the flat curve or downward trend.
Most business fail in first year. Either, they are making products which no one wants or they do not know how to sell it. Sometimes they fail to imagine market and competition.
Paypal Co-Founder, Peter Thiel in his book Zero to One mentioned about 7 questions which every business must answer. Failing to answer one or more of these seven questions can crash your business miserably:
The Engineering Question
Can you create breakthrough technology instead of incremental improvements?
The Timing Question
Is now the right time to start your particular business?
The Monopoly Question
Are you starting with a big share of a small market?
The People Question
Do you have the right team?
The Distribution Question
Do you have a way to not just create but deliver your product?
The Durability Question
Will your market position be defensible 10 and 20 years into the future?
The Secret Question
Have you identified a unique opportunity that others don’t see?
These questions are valid for any industry or particular business and your great business plan must address these seven questions. Failing to have good answer to these above questions will lead your business into bad luck and it will fail.
Peter Thiel says if you nail all seven questions, you will master fortune and success. Even getting five or six correct might work for your business too but answering all questions is good.
Does your business address all above questions? Share your findings 🙂
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