Starting and Growing a Business: Evaluating Your Idea Checklist

 
 
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This is a good stage to re-examine the key resources needed to make your new venture successful and ensure that you have all of the basics covered.


Evaluate Your Product or Service | Identify Resources | Market Research | Trend Analysis | Risk Management | Evaluating Your Idea Checklist

Is Your Business Idea Feasible?

The following is a checklist to help guide you to the next step in the entrepreneurial process. Although this is not a comprehensive list, consider the following criteria and critically assess the strength of your business idea.
Your business idea is legal and in-line with all regulations pertaining to its development
The quantity and quality of your product or service can be produced and developed
The business idea satisfies your personal goals and interests
Your business idea has the potential to make money and meet your financial projections
There is a clear-cut market and customer demand for your product or service
You have identified the people and resources needed to make your new venture a success and have built a team around these needs
You have assessed the risk of your new venture and have developed a strategy to deal with all scenarios, including the worst case
You have researched the current and future trends in your chosen industry
If you meet the criteria on this checklist then you have evaluated the merit of your business idea. Now it is time to start thinking about your Marketing options and how you can best sell your product or service.
Phone the Ag-Info Centre, toll-free in Alberta at 310-FARM (3276), for assistance.
This document is produced in cooperation with AFSC AFSC




  
 
 
 
For more information about the content of this document, contact Kathy Bosse.
This document is maintained by Tricia Simon.
This information published to the web on March 4, 2008.
Last Reviewed/Revised on February 23, 2010.