What’s Your Answer to The Big Picture Question?

How To Increase Your Odds For Entrepreneurial Success

Entrepreneurs think of new business ideas every day. Many aspiring entrepreneurs start their companies thinking, “I’m good at this thing, and I want to break out on my own and build a company around me.” However, this is a short-sighted view and does not address the big picture question, “What problem am I solving?”

To increase your odds for success, start with a thoughtful business case that answers this critical question – what problem are you solving. Your business case provides the foundation, and execution is your key to success – how will you make it happen. Here are a few tips to get you started.

Execution Tips

Document your business case.
Break your business case into actionable tasks.
Determine what you can do to execute the actions required to realize your business vision.
Break your business case into incremental tasks, starting with first things first.

Work On Your Story

Next, determine how you will explain your business case and execution plan to other people – whether an investor, potential employees or other team members.

Develop a compelling story to engage your audience. Be sure to tell what’s unique about your product and how it solves a particular problem. It should also include answers to the following questions.

How do you reach your customers?
How much does it cost to reach your customers?
How do you measure success?

Be sure to include your unique selling proposition. Specifically, what distinguishes your business in the marketplace and separates you from your competitors.