Surviving Business – “The Five Breath Test” – Are You Really an Entrepreneur?
via David Brenner, President and Executive Director of the Innovation Park at Notre Dame
Here is what appears to be a pretty simple (at least it seems so at first) test every entrepreneur (or any business owner for that matter) should be able to answer and it makes a really compelling executive summary. “The Five Breath Test”.
“The Five Breath Test”
What is your business idea?
- Be direct and clear
- Avoid jargon
- Be passionate!
Who needs it, and why ?
- Clearly describe the problem to be solved ~bring it to life
- Define the market with the problem
- Connect the listener to the problem in some way ~ make it credible, ideally personalize it!
Why you?
- Separate your idea from competition
- Describe your sustainable competitive advantage
- Provide “permission to believe”
- Highlight this team’s capability to deliver
Why is now the right time?
- What’s driving the sense of urgency
- What has changed or emerged in the market making this a feasible proposition?
- Avoid claim: “first to do it”
- Connect the key elements together
How will you (or investors) make money?
- Be realistic; don’t over-promise
- Due diligence will uncover the truth
- Provide a rational exit strategy
- Investors need to see the way out
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