2019 Innovate 13 Business Concept Questions

Fill out the form below with your answers to these 13 questions explaining how you will turn your idea into a business startup.

For help answering the questions, the Decade of Difference is hosting a series of workshops in March and early April. We have also compiled some videos that help explain each question. Information on workshops and links to videos can be found at http://decadeofdifference.org/innovate/phase2.php.

Your completed form must be submitted through the submission portal by 5 p.m. on Friday, April 12.

Introduction/Synopsis

Briefly describe your business start-up idea (or invention). Explain if your idea is new or an improvement on an existing product (or service). Start by telling us your name, your business name, and your school.

Answer

Question 1 (Minimal Viable Business Concept)

Are you currently providing this product or service? Explain the most basic version of your start-up idea (product, service or invention). How developed is your idea?

Answer

Question 2 (Empathy and Design Thinking)

What is the problem you are want to solve, or need you want to meet, and why?

Answer

Question 3 (Research and Competitive Advantage)

Describe the other products (or services) that compete with what you want to do? What makes your product or invention different or better?

Answer

Question 4 (Unique Value Proposition)

Why would a potential customer be motivated to purchase your product or service?

Answer

Question 5 (Understanding the Marketplace & Distribution Patterns)

Explain how your product or service will get to your customers. Explain if you sell directly to them, through other retailers or sell to wholesalers? Explain where you will be conducting your business, i.e. from home or another location?

Answer

Question 6 (Key Activities)

List up to six critical tasks that are needed to start-up and why? What will you need to do and what will you need to know?

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Question 7 (Knowing your customer)

The largest share of your sales will come from certain types of people. Think about the type of person or groups of people that would be your typical customer. Describe the avatar (s) of this type of person or groups of people. Describe who they are, what they look like, what they do, what they like, how they get their information, level of education, what they do for fun and other personal characteristics. Describe them as you would your friend.

Answer

Question 8 (Market Potential)

Conduct research on the interest (demand) for your product (or service) locally and online. Based on the population of your market area, estimate the potential number of customers who may be interested in making a purchase.

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Question 9 (Reaching your customer)

What is your plan to promote and convince your customer to buy your product or service?

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Question 10 (Sources of financing and revenue)

How much money do you need to operate? Can you self-fund your start-up? If not, why would someone invest in your idea? If you need a loan how would you get that kind of financing?

Answer

Question 11 (Projecting start up costs and expenses)

Assume you are starting with nothing, list the equipment you will need and the on-going supplies and expenses you’ll need to operate in the form below. Your information will probably vary from the sample shown depending on the needs of your start-up.

Answer by filling in the table below. A sample completed table is at the end of this document.

Table: Sources of Start-up Capital and Anticipated Uses
Sources of Capital	Brief Description	Amt.	Anticipated Uses	Brief Description	Amt.
Total Sources*	Total Uses*
*Sources MUST equal Uses

Question 12 (Basic Start-up Income Statement)

Can your idea make money? Fill out your start-up information on the blank Income Statement. Show your projected income and expenses for a specific period of time, such as a week, month or year.

Income Statement for Start-up For the period ending 2019
Income Total	$
Cash on Hand	$
Revenue from Sales	$
Gift / Loan	$
Expense Total	($ )
Wages	$
Phone & Internet	$
Utilities	$
Rent	$
Taxes	$
Insurance	$
Fuel (and vehicle)	$
Promotional / Ads	$
Bank Charges	$
Loan	$
Other:	$
Other:	$
Profit (Loss)	$

Question 13 (Values / Social Component to Business)

How will your values affect how you operate your business and interact with your community?

Answer:

Appendix

#11 Sample Sources & Use Table
Table: Sources of Start-up Capital and Anticipated Uses
Sources of Capital	Brief Description	Anticipated Uses	Brief Description
Cash	Money available to use	$500	Equipment List	Tools, shelving, work table & lights	$1,800
Loan	Parents: 6 mo. at 6%	$500	Supplies List	3 month supply	$500
Gift	Gift card to supply story	$500	Packaging	6 month supply	$250
Existing Equipment	Tools	$1,000	Fuel	For deliveries	$50
Existing Supplies	Value of inventory on hand	$250	Cash	For labor / expenses	$200
Freebies (scrap/salvage time to collect)	Recycled materials, 3.5 hrs. to collect/store	$50
Total Sources*	$2,800	Total Uses*	$2,800
*Sources MUST equal Uses