The most successful startups are iterative and agile. Successful startup founders have an innate understanding that ideas take time to form into something great, they question everything from initial conceptualisation and continue to do so, until they have turned their initial idea into a successful venture.
Here is a distinctive list outlining some of the questions you should be asking yourself as a startup founder:
What does your new brand change in the world? Why will that change be welcomed?
Who are you specifically looking to reach with that change? Why them?
Is there money in making that change happen?
How large is the market for that change?
What will the introduction of your brand do to the economics and the dynamics of the current market? How long will that take?
Why hasn’t it happened yet? (There could be very good reasons.)
How prepared are people already for what you’re proposing? (Do you need to educate the market?)
Can others duplicate what you’re planning? How quickly? (What happens if they ignore you?)
What parts of your thinking, if any, can you protect?
Do you have distinctive values? How do they make your brand more competitive?
What will consumers see in you that they value?
Who will you not do business with?
What behaviors will you tolerate? And what will you deem unacceptable (even if it could be lucrative)?
Why will what you stand for motivate consumers to stop buying what they are used to? How quickly will they change to your brand?
What will you come to be known for? (In other words, what’s your reputational goal?) Is it the same as others? (Are you competing in new space or squabbling for what’s already known?)
How will you get the market’s attention? How will you continue to be interesting?
Do you have a clear offer? And can you see how that offer can extend and transform over time?
What’s your end goal in terms of brand value? Are you building a $5 million brand or a $500 million brand? How do you know?
Can you articulate why you will become more valuable as a brand over time? How will you measure success along the way?
What are you giving away in order to entice people to sample your brand? How long will you need to keep doing that?
What will you be asking people to pay for? Why (given what they’re getting for free)?
Where will they find you? (And why will they want to find you there?)
How will they recognize you? (Is it clear what sector you’re part of – but also obvious that you’re not the same as everyone else?)
What does your name say about your business model? (And what does it say about your culture?)
How long do you expect the brand to live? (Is this a finite opportunity?)
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