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Surviving Business – “The Five Breath Test” – Are You Really an Entrepreneur?

Think Entrepreneur on Rufus and Jenny Triplett.com

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

If you are in need of consulting for entrepreneurship, please send an inquiry to info@rufusandjennytriplett.com

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