The Seven Questions Every Business Must Answer

To succeed, a business must have a good answer to each of the following seven questions. A great business will have a clear plan that addresses all of them.

1. The Engineering Question: Can you create a breakthrough technology instead of just incremental improvements? Is your product at least 10x better than its closest substitute?
2. The Timing Question: Is now the right time to start your particular business? Are there underlying trends that support its launch?
3. The Monopoly Question: Are you starting with a big share of a small, specific market? Can you dominate a niche first?
4. The People Question: Do you have the right team, with the right technical and business skills, to execute your vision?
5. The Distribution Question: Do you have a concrete, effective way to not just create but also deliver your product to customers?
6. The Durability Question: Will your market position be defensible 10 and 20 years into the future? What will stop competitors from wiping you out?
7. The Secret Question: Have you identified a unique opportunity that others don't see? What is your secret, unconventional truth?