What are the five most important questions an inventor/entrepreneur must ask and answer before deciding to start a new business? Here are my five:
1. Does any other person or entity own this idea, invention, or innovation?
2. Is there a significant market for products to be made or services to be provided?
3. Is there a business model that makes sense; that is, can the business be profitable?
4. How much money (e.g., investment) will I need?
5. Can I write a persuasive business plan?
In my following blogs I will address each question. Please feel free to comment.