1. Is there a market and if so, how big is it?

This involves conducting market research. First, you need to ensure that there is a real need and that there are enough potential customers for your product or service. You need to identify the market of interest and gather data on key players, consumer demographics, pricing, distribution channels, and trends. The data collection process may involve conducting surveys, analyzing sales data, studying industry reports, and tracking consumer behavior. Additionally, it is essential to analyze competitor strengths and weaknesses, market trends, and regulatory factors that may impact the market. A well-executed market research study can provide valuable insights for companies looking to enter new markets or launch new products.

2. Do you have collaborators or partners? Who are they and are they levers for your business?

It could be your investors, your customers, or even your suppliers! Collaboration and partnership can be crucial to optimizing business opportunities because it allows companies to combine their expertise and resources to achieve common goals. By collaborating, companies can access new markets, technologies, and customers that they may not have been able to reach on their own. Partnerships can also provide access to funding, resources, and additional expertise. In today’s interconnected world, businesses cannot succeed in isolation, and partnership can be the key to unlocking new opportunities and achieving sustainable growth.

3. What are the financial components of the business project?

Here, it is important to assess the financial resources available to carry out the project. How much do you need? How much money do you have? What are your sources of financing? What level of human capital do you need? The financial components of a business project include start-up costs, such as the costs of designing, developing, marketing and promoting the product or service, as well as ongoing operating costs, such as salaries, overheads, rental costs and production costs. Financial projections, which include cash flow, projected financial statements, revenue and expense forecasts, are also a key element. Developing a solid financial plan is essential to obtain investments and loans from banks and investors.

4. What is your ability to manage cash flow?

Are there any initial start-up funds? How do you ensure you have enough money for day-to-day operations? You need to get to a stage in your business where you have enough money to ensure its long-term sustainability. Cash flow management is a crucial aspect of running a successful business. It refers to the process of tracking, analyzing, and optimizing cash inflows and outflows. A business with strong cash management skills can ensure that it has enough cash to meet its financial obligations and seize new opportunities. This involves understanding the timing and volume of cash receipts and payments, as well as planning and forecasting future cash requirements. Effective cash flow management requires discipline, planning, and attention to detail.

5. What are your personal management and introspection skills?

You need to be honest about what you bring to the table and what you need to compensate for. A good management team is key to achieving the entrepreneurial goals you set for yourself. Management and introspection are two crucial skills that are essential to succeed in any profession. To be an effective manager, one must possess a variety of soft skills, including strong communication, leadership, time management, and problem-solving skills. They must also be able to work collaboratively with team members and motivate them to achieve common goals. On the other hand, introspection requires self-awareness, emotional intelligence, and critical thinking. The ability to reflect on one's actions, thoughts, and emotions is essential for personal growth and development. It also involves the ability to self-regulate and self-discipline, which are essential for managing one's personal and professional life.

6. What is your risk assessment?

It depends on many factors, such as the industry, available resources, competition, regulations, economic changes, and consumer preferences. To conduct a risk assessment, it is important to identify potential threats, measure their likelihood of occurrence and impact on the project, and put mitigation plans in place to minimize the risks. A SWOT analysis is a useful tool for assessing the risks and opportunities of a project, identifying strengths, weaknesses, opportunities, and threats to see if the identified risks are worth the investment! Ultimately, a thorough assessment can help a company make informed decisions and maximize the chances of success for its project.

7. Finally, do you have enough passion and perseverance to overcome challenges on the long and winding road to success?

Passion is the driving force that drives entrepreneurs to pursue their goal despite difficulties. It also allows them to stay motivated, fully commit to their project and develop a long-term vision. Perseverance is also essential because projects often face obstacles and failures. Entrepreneurs must be prepared to overcome these challenges, learn from their mistakes and adapt quickly to changes. Perseverance helps maintain the determination needed to persist in pursuing one's goal, even in difficult times.

Remember that you won't be able to accomplish everything alone and that it is essential to surround yourself with a good network and advisors, such as CPAs, who can support you in this wonderful adventure!