As you study the feasibility of your new venture, it’s easy to lose sight of the big picture. Fundamentally, starting and running a company is a straight-forward proposition—you have to sell something to somebody. It’s a common mistake to over-think every detail of your startup, but the truth is that you only have to ask—and answer—three questions.
- What are you going to sell?
- To whom?
- Why will they buy?
Answer these three questions comprehensively and you’ll understand what you need to know about your startup—details of the product or service, the size and characteristics of the market, your value proposition, how the competition stacks up, and so on. Ask these questions frequently to stay focused on what’s important.