Have you the right idea for a business which has a good chance of success?

Many groups and individuals have ideas which on the surface appear excellent business prospects, but fail quite rapidly. This quiz is designed to provide an insight into what are the dynamics of those business ideas which are more likely to succeed.

Do be honest. It is only worthwhile if honestly answered. Many of the questions will require you to make assumptions about the market – but assumptions are dangerous, so check them out as you move on from this quiz to the next stage – the creation of the business plan.

Don't think that this is the final answer. It is only a broad guideline. You need to spend a lot of time in the early stages of a business making sure through research that the idea can be turned into reality; customers will want to purchase it; you can deliver it; you can make money and so on.

The right idea is only one element in the mix of the successful business. The right idea only works with the right people, and the right plan. This quiz is no substitute for the detailed planning which must be completed next. Start up businesses require a lot of planning and thought to get them right – don't skimp on it. Test out your personal qualities with the entrepreneur quiz – build your plan with Business Plan Pro.

 

Business Concept Quiz from IBIS

Question Strongly Agree Agree Neutral Disagree Strongly Disagree
Is the product or service better than those already in the market?
Is it easy for potential customers to understand?
Will it be easy to try or trial?
Will it easily meet all legal and market specifications?
Is there a sizeable market in which the product or service can find a niche?
Are there few substitute products or services?
Can the product or service be effectively protected through IPR (patents, copyright, trade mark)?
Do your competitors make lots of money?
Will it have the support of a distribution network?
Will it easily gain rapid market acceptance?
Will it easily gain a high level of repeat purchase?
Will it require limited branding investment?
Has the product or service limited seasonality?
Is the product or service not subject to fashion swings?
Does prior experience of competitors suggest few introduction problems with similar new products or services?
Are your skills adequate for the operational complexity?
Are you making a sufficient commitment of time and money?
Will you have effective information systems to manage the business?
Will you have adequate premises/capacity/ sophistication to deliver required volumes?
Is there enough detailed information available on the market dynamics?
Can you realistically gain the funding required?
Will there be available substantial financial reserves for contingencies?
Will the profitability of the operation not be affected substantially by how much you sell?
Can promotional effort be easily focused?
Can the product or service be easily tested during development?
Will you be able to manage the implementation of the project?
 
Your total is:        

Your score:

Score: 260 The concept is so wonderful that everyone will want one! No product concept is this good. Be objective.

Score 190- 258. Your business idea looks very good. Have you the right people? Have you the detailed plan? Get started on the detailed plan. Remember that you must get the detail right examine the market in detail, your competitive position, how you are going to produce the product or service, how you are going to market it, where you are going to get the finance from, what are the risks and potential returns. Spend time on the plan; get other people to look at it and build on their experience and expertise. Training in business planning will provide substantial returns.

Score 142 188. Your business idea has merit, but there are problems in making it work easily and quickly. Be aware of these if you are taking the concept forward. Many of these will become more obvious when you start to work through the detailed business plan with Business Plan Pro, and use the range of detailed examples which are available in the database. Training in business planning will provide substantial returns.

Score 52-140. There are significant barriers to you achieving an effective business platform. Many of these uncertainties may disappear when you complete the detailed plan which is essential for all well managed businesses. Training in business planning will provide substantial returns.

More information on the way in which Ibis can contribute to your business plan development is provided at Advantage Ibis 

More information on the Ibis approach is also available on the FAQ page.