Skip to Main Content

Entrepreneurship: Entrepreneurship Health Check

Introduction

The Entrepreneurship Health Check is a guide designed to assist potential entrepreneurs as they develop their business idea and start their company.  Each step will ask questions that the entrepreneur should have an answer to, although not every question will fit every potential business idea.  A selection of information sources will be recommended where appropriate.

This is a work in progress and will continue to develop over time.

Business Idea

What is your business idea? 

Does it solve a real problem?
- Is it easy to understand the problem you are solving?
Does it target a viable market?
- Is the market sustainable over time?
Are you committed to the idea?
- Do you have experience that relates to the problem?

Business Plan

Have you created a business plan or comprehensive concept statement?

A business plan iis the document that contains the relevant and necessary information about what your business will be, who the key stakeholders are, financial projections, a review of the marketplace, and a review of the overall risks.

Company Type

How will the business be organized and structured? 

A business must select an organizational and legal structure to function. The options on how the business can be set up differs from country to country.

Intellectual Property

What is Intellectual Property? (World Intellectual Property Organization)

Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.

Does your business rely on any intellectual property? Have you protected it?

Market Overview

An entrepreneur should have a foundational understanding of their market.  Specifically, they should know the 3 key market elements:

  • Market Size: the size of a market equals the total sales or customers.  
  • Market Share: the total sales or customers of a single company; adding all companies within a market would equal the market size.   
  • Market Segmentation: the sectors or segments of the market. Every market can be segmented a variety of ways: product, customer demographics, geographic, etc. 

Financial Support