/ ENTREPRENEURSHIP

7 Questions Every Business Must Answer

Peter Thiel, a well-known entrepreneur, political activist and philanthropist shares the seven questions a business needs to answer in his bestseller book, Zero to One. Getting at least 5-6 questions correct might help in ensuring the success of the business.

I felt it was indeed crucial for any to-be-entrepreneurs to think about these questions before they embark on their start-up mission.

1. The Engineering Question

Can you create breakthrough technology instead of incremental improvements?

2. The Timing Question

Is now the right time to start your particular business?

3. The Monopoly Question

Are you starting with a big share of a small market?

4. The People Question

Do you have the right team?

5. The Distribution Question

Do you have a way to not just create but deliver your product?

6. The Durability Question

Will your market position be defensible 10 and 20 years into the future?

7. The Secret Question

Have you identified a unique opportunity that others don’t see?

Peter Thiel mentions that often people try to start a company and just hope for a miracle of success to happen. However, the true success of a start-up occurs when there’s a right mix of a few elements that forms a strong foundation of the company. The right mix happens when the above questions are answered, each with a ‘Yes’.