a. What is my product/service?
b. What does my product/service do?
c. How is it different or better than other products/services?
d. Who will buy the product/service?
e. Why will they buy the product/service?
f. How will the product/service be promoted and sold/offered?
g. Who are my competitors?
These are some of the questions every aspiring entrepreneur should answer while giving shape to his/her business idea. For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts.
“Converting an idea into a business concept requires thinking about how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery”, says Alana Muller, president, Kauffman FastTrac®
Adapted from “How to Turn an Idea into a Startup: Begin with a Business Concept Statement”, Forbes.