Vusi Thembekwayo’s 3 Questions Your Business Idea Must Answer

Vusi Thembekwayo’s 3 Questions Your Business Idea Must Answer

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Vusi Thembekwayo is a motivational speaker, investor and SA’s youngest JSE board member, advises you on the three questions you need to ask yourself.

There are three questions you need to address when launching your business if you want it to be a success:

  1. Is it unique? Are you bringing something to the market that hasn’t been done already?
  2. Do you have a BOTW? BOTW is your Best Opportunity to Win. Being unique is not enough. You need to be able to take your idea to market without hitting massive roadblocks.
  3. Is it scalable? Will you be able to build a high-growth, high-impact organisation based on your idea, business model and team?

Related: The 10 Best New-Age Business Ideas You Haven’t Heard About Yet

Execution is more important than inspiration

All great businesses begin with an idea, but how you execute that idea is the difference between a failed start-up, and one that shoots out the lights.

Start with your idea — is it unique, does the market need it, will people pay you for it because it solves a burning need? If the answer to all of those questions is yes, then it’s time to focus on the execution. Can you take it to market without massive impediments in your way? What are your potential disruptors? What can kill your business? How are you mitigating those risks?

If you can answer all of those questions, you’re ready for launch.

Entrepreneur
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