BUSINESS INSIGHT: QUESTIONS THAT MUST BE ANSWERED

Branding is ultimately about winning in business, so we publish articles to equip you with strategic business insights for success. Before launching deep into any business, you should settle down to answer some critical questions. These questions are like guiding lights that drive the course of your business plan and helps you develop the best pitch.

You could develop these questions after a proper market survey and analysis. They should be based on your daily observations of the market, the product you are sending out and the reactions of the target customers. You must consider the challenges your product or service might face.

Recently, one of Africa’s most successful entrepreneurs, Strive Masiyiwa, shared some tips on his Facebook page on what to look out for if you are trying to prepare a business or investment plan, which we thought to share with you.

Here are the ten things he shared:

1.    What is your product or service and why is it innovative or unique?

2.    What big problem does it solve and what is the market opportunity?

3.    Who are your main competitions?

4.    What traction does your venture have?

5.    What are the main risks or challenges you face?

6.    How does your venture make a positive social impact?

7.    What is your venture’s current financial situation?

8.     Was your model designed to achieve scale?

9.    What milestones will getting the needed capital, help you achieve?

10.    How will an investor make money if he or she invests in your company?

We are sure that the above questions must have taken you back to the drawing board. Let us know if you had a hard time answering them.

Written by Donald Alaye

We can help you with your business development plans. Send an email to wecare@mapemond.com

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