Thoughts / Innovation

100 questions to ask yourself about your startup idea

Starting a startup is an exciting but challenging endeavor. I know from experience. It’s not easy.

To increase your chances of success, it’s crucial to thoroughly evaluate your idea from multiple perspectives.

Here are 100 questions to guide you through the process that I wish I had asked myself before my last endeavour:

Idea validation

1. What problem does your startup solve?
2. Who experiences this problem?
3. How significant is this problem to your target audience?
4. How frequently does this problem occur?
5. Is your solution to the problem unique?
6. What makes your solution better than existing solutions?
7. What evidence do you have that people need your solution?
8. Have you conducted market research to validate your idea?
9. What feedback have you received from potential customers?
10. How will your startup make money?

Also read What is your problem?

Market analysis

11. What is the size of your target market?
12. Is your market growing, stable, or shrinking?
13. Who are your main competitors?
14. What are your competitors’ strengths and weaknesses?
15. What is your unique value proposition (UVP)?
16. What market trends could impact your startup?
17. How will you differentiate your product or service from competitors?
18. What barriers to entry exist in your market?
19. Who are your potential partners or allies?
20. How will you acquire customers?

Also read How to create a product strategy

Business model

21. What is your business model?
22. How will you price your product or service?
23. What are your revenue streams?
24. What are your cost structures?
25. What is your breakeven point?
26. What are your margins?
27. How will you scale your business?
28. What assumptions are you making about your business model?
29. How will you test these assumptions?
30. What will your sales funnel look like?

Also read A method to challenge or build on top of an existing business

Product development

31. What is the minimum viable product (MVP) for your startup?
32. What features are essential for your MVP?
33. What technology will you use to build your product?
34. What resources do you need for product development?
35. Who will be responsible for product development?
36. How long will it take to develop your MVP?
37. How will you gather user feedback on your MVP?
38. How will you iterate on your product based on feedback?
39. What are the potential technical challenges?
40. How will you protect your intellectual property?

Also read Creating a concept for an app: The journey from idea to MVP

Financial planning

41. How much initial funding do you need?
42. How will you raise this funding?
43. What are your projected revenues and expenses for the first year?
44. What is your financial runway?
45. What are your contingency plans for financial shortfalls?
46. How will you manage your finances?
47. What financial metrics will you track?
48. What is your burn rate?
49. What are your long-term financial goals?
50. How will you ensure profitability?

Team and leadership

51. Who are the key members of your team?
52. What skills and experience do they bring?
53. What roles do you need to fill?
54. How will you attract and retain talent?
55. What is your team culture?
56. How will you lead your team?
57. What are your leadership strengths and weaknesses?
58. How will you handle conflicts within the team?
59. What is your vision for the company?
60. How will you communicate this vision to your team?

Also read Strong leadership in product development: the path to innovation

Marketing and sales

61. Who is your ideal customer?
62. What is your go-to-market strategy?
63. How will you build your brand?
64. What marketing channels will you use?
65. How will you measure marketing effectiveness?
66. What is your sales strategy?
67. How will you generate leads?
68. How will you convert leads into customers?
69. What sales tactics will you use?
70. How will you handle customer support and retention?

Legal and compliance

71. What legal structure will your startup have?
72. What licenses and permits do you need?
73. What are the regulatory requirements in your industry?
74. How will you protect customer data?
75. What contracts and agreements do you need?
76. How will you handle intellectual property?
77. What are your terms and conditions?
78. What privacy policies do you need?
79. How will you ensure compliance with laws and regulations?
80. What legal risks do you face?

Risk management

81. What are the biggest risks to your startup?
82. How will you mitigate these risks?
83. What is your plan for dealing with unexpected challenges?
84. What insurance do you need?
85. How will you manage operational risks?
86. What is your exit strategy?
87. What succession plans do you have?
88. How will you ensure business continuity?
89. What security measures will you implement?
90. How will you monitor and manage risks over time?

Also read 22 reasons for why a startup fails and how to avoid them

Personal considerations

91. Why do you want to start this business?
92. What are your personal goals for the startup?
93. How will this startup impact your personal life?
94. What sacrifices are you willing to make?
95. Do you have a support system in place?
96. How will you maintain work-life balance?
97. What will you do if the startup fails?
98. What is your backup plan?
99. How will you stay motivated during tough times?
100. What does success look like for you?

Answering these questions thoroughly can help you identify potential pitfalls, refine your idea, and develop a solid foundation for your startup.

Remember, the journey of entrepreneurship is as much about asking the right questions as it is about finding the right answers.

Also read There is no such thing as too many questions