By evaluating an idea, the market and the resources needed to get started up front, entrepreneurs put themselves in a better position to start a business that the market wants and needs.
Columbus, OH (PRWEB) December 02, 2015
This year, the rate of new entrepreneurs in the United States increased about 10 percent over last year—translating into approximately 530,000 new business owners each month, according to the 2015 Kauffman Index. As the New Year approaches, many people may be looking to take the leap into entrepreneurship. That’s why Rev1 Ventures, the venture development organization that combines investment capital and strategic services, launched an innovative new tool to help entrepreneurs determine if it’s time to take the next step.
The Rev1 Ventures Startup Readiness Quiz is a simple 10-question multiple choice test to help aspiring business owners determine if they have the right foundation to start a company.
“New entrepreneurs may have a hard time determining if their idea could become a business. By evaluating an idea, the market and the resources needed to get started up front, entrepreneurs put themselves in a better position to start a business that the market wants and needs,” said Tom Walker, president and CEO of Rev1 Ventures.
To help budding business owners, Rev1 has compiled a short list of top questions to help entrepreneurs determine if they should take the next step in 2016:
1. Why do you want to start a business? Before taking the leap, it’s important to evaluate the reasons behind it. Starting a business requires a great deal of determination, passion and patience—it really is a labor of love, so it’s critical that you’re in it for the right reasons.
2. Do you understand the key problem(s) your target customers face? Having a great idea is only half the battle—to be successful in the market, you must first understand if you’re solving a challenge that is not being addressed otherwise.
3. What is your total addressable market for your product/service, and how will you reach customers? Solving a problem is important, but not if it’s only reaching a minute market. Take the time to understand how many customers your product applies to and how you will attract their attention.
4. Who is your competition, and what is your differentiator? The way to cut through the clutter is to clearly differentiate from others. While you may feel you have a completely unique idea, chances are someone else sits in your space and could be a competitor for customers. Knowing who that is ahead of time will ensure that you understand the best way to stand out and provide a more valuable alternative to your customers.
5. Do you understand the potential price of a single product or service versus the cost it will take to produce one? This big question is often overlooked in the beginning stages. To truly understand the potential of your business and its long-term growth, it’s essential that you understand the cost of running your business and developing/selling your product. This should be a first step, instead of an afterthought.
To get more perspective about your startup readiness, please take the Rev1 Quiz here. In addition to providing insight about what your answers mean, Rev1’s blog, Beyond the Pitch, offers a wide range of expert blog posts to guide you from concept stage to paying customers (and everything in between).
Rev1 combines critical services and capital to help entrepreneurs solve their hardest milestones. This quiz was developed by the Rev1 executive team, startup leaders with the extensive expertise of over 100 years of starting, building, and funding high-growth companies as well as a proven track record for success with Rev1’s portfolio.
About Rev1 Ventures
Rev1 is a seed-stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products people want and companies that succeed. Our seasoned, data-driven team delivers early market validation for startups, helping them lay the foundation for scalable growth with the skills to evolve their product, sell to customers and build the right team. Rev1 manages a continuum of investment support from corporate, community and innovation partners, as well as the Ohio Third Frontier. For more information, visit http://www.rev1ventures.com.