The 1M/1M Self-Assessment

Here is a quick self-assessment that you can apply to calibrate where you are in your business-building process. We have also provided relevant 1M/1M curriculum modules which you can use to bridge the gaps in your knowledge and understanding of a robust entrepreneurship methodology. Please note, curriculum modules are only accessible to 1M/1M premium members.

1. Validation: Have you validated your business with customers?   [Ref: Customer Validation | Validation Methodology: BtoB | BtoC]

2. Positioning: Are you able to articulate the precise positioning of your solution? [Ref: Positioning | Value Proposition | Customer Segmentation | Competitive Positioning]

3. Monetization: Free is NOT a business model. How do you monetize? [Ref: Business Models]

4. TAM: How big is your market opportunity? This determines your financing and go-to-market strategy in a significant way. [Ref: Market Sizing]

5. Bootstrapping: Have you done enough bootstrapping before approaching investors? Is your company fundable, or is it one that needs to be bootstrapped all the way? [Ref: Bootstrapping]

6. Financing: Over 99% of the entrepreneurs who go out to raise money get rejected. Are you planning to raise money? Do you understand what it takes to raise money, what investors are looking for? Is your company fundable? Do you know how to assess what is fundable and what is not? Are you getting rejected by investors? Do you need to move to Silicon Valley? Do you know what is the current valuation range for your company? Can you enhance the valuation? What are the levers? What are your different types of financing options and what are the mechanics of those? [Ref: Financing]

7. Customer Acquisition: What is your customer acquisition strategy, cost, conversion rate, channels, channel costs? [Ref: Customer Acquisition]

8. Team: How do you balance between your need to keep costs down and getting things done, as well as presenting a reasonably complete team to potential investors, in case you are soliciting financing? [Ref: Team Building]

9. Web, Mobile and Social Businesses: Do you have a differentiated strategy? The market is extremely crowded, but there are trends and gaps. Do you understand what they are? [Ref: Web 3.0 and eCommerce | Cloud Computing | Mobile and Social Apps]

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