Questions to ask when researching new business opportunities

When you’re looking for new business ideas, it’s always great if you can go out and interview some actual people who would be using your product.

I believe I got these questions from Dane Maxwell who talks about how to start a business as his mantra.

The idea for brainstorming new business ideas it to “Find The Pain”!

Once you find the pain of any business, it’s a money making opportunity. You should look to be “Cheaper, Simpler, Smaller and More Convenient” than the rest which is a quote attributed to Clayton Christensen from his book The Innovators’s Dilemma.

Here’s a couple good ones to ask as you interview the people who would be users of your new product:

  1. What is the most important activity in your business?
  2. Is there any pain associated with that activity?
  3. What problems cost you the most money?
  4. What is the most painful part of your day?

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