UWE Student Enterprise: Idea Stage questions
From:
Name………………………. Email………………………. Course/Year……………………………….
Question 1: Describe your product or service idea and the problem it solves?
Response:
We’re looking for:
The product/service is described clearly & concisely
including: how it works, its features, how it will be used.
Score: out of
4
Diagrams, photographs or other graphics are used to
illustrate.
2
A significant problem has been identified.
4
Confidential panel feedback:
Question 2: Who might buy this product/service ?
Response:
We’re looking for:
Score: out of
One or more types of potential paying customer are described.
5
The relevant needs and habits of these customers are
understood.
5
Confidential panel feedback:
Question 3: What development does your idea need?
Response:
We’re looking for:
Score: out of
Has identified areas of risk or uncertainty in product or service
design.
2
Has thought about which of there areas should be tested and
how, e.g. by: building prototypes or models or creating a
questionnaire.
Has prototyped, tested, analysed the results and used this to
improve the idea.
2
Has identified a product/service likely to solve the problem/meet
customer needs. Understands what other needs (eg end user,
customer, distributor/ logistics, retailer, regulatory) must be met
by the product/service at launch and what improvements can be
planned for later.
Has considered what assets must be put in place before the
product/service can be provided for sale. e.g. Manufacture of a
quantity of product or recruiting and training staff, or building a
website with sufficient traffic to persuade advertisers.
2
2
2
Confidential panel feedback:
Question 4: Why will customers buy your product/service?
Response:
We’re looking for:
Score: out of
Has described the offer and its value to the customer, briefly,
precisely and using common, readily understood language.
3
Has identified the other offers competing for the customer £ and
their strengths and weaknesses relative to the offer and the
customer needs. Has included emerging competition and inertia,
if relevant, as well as the established players.
Has a valuable and compelling offer to each type of customer,
relative to the competition.
3
4
Confidential panel feedback:
Question 5: Estimate a price for your product/service
Response:
We’re looking for:
Score: out of
Estimate covers the cost of producing the product or delivering
the service and what profit needs to be made. Is based on a
rough estimate of labour and material costs, overheads, margin
for any sales channel and target profit.
5
Has included evidence that the customer will consider this price
gives good value, both for the benefits this product/service
brings and compared with the price & value provided by the
competition.
5
Confidential panel feedback:
Question 6: How will you sell your product/service? Who can help you reach interest and acquire customers?
Response:
We’re looking for:
Score: out of
Has identified the best sales channels to use to get attention
from potential customers. Possible sales channels include: an
online shop; in person; a physical shop or market stall; a network
of approved sales agents, through selected independent
retailers.
Has considered ways to present the offer to potential customers
and create the circumstances where they buy the
product/service.
3
Has estimated how many leads/enquiries may be needed to
make a sale and how these lead/enquiries may typically be
converted into sales.
3
4
Confidential panel feedback:
Question 7: How might you maintain competitive advantage for your business?
Response:
We’re looking for:
Has identified how to keep competitive advantage for the
business & prevent other businesses copying or piggybacking on
its success through a combination of: building up the intellectual
property of the business and protecting it; building
strong/exclusive relationships in its supply/distribution networks;
building strong consumer/customer loyalty or other.
Score: out of
10
Confidential panel feedback:
Question8: What impacts may your business have on the people involved in it , the wider community and the environment?
Response:
We’re looking for:
Score: out of
Has identified the stakeholders in the business (eg employees,
suppliers, customers, shareholders, distributors) & how to gain
their help in succeeding
2
Idea has potential to bring significant beneficial impact to the
local/regional/national/global community.
4
The business can be run in an environmentally sustainable way
4
Confidential panel feedback:
Question9: Will the market support your business ambitions?
Response:
We’re looking for:
Has defined the ambition/scale of the business e.g. A business
that supports founders, with a few others, with dozens of
employees or as part of a network of other knowledge based
businesses.
Has provided evidence that there enough potential customers/is
a big enough market to support the business.
Has ability to find resources needed to start the business eg
funding & team.
There is a credible explanation of when & to whom the business
may be sold or transferred and what the assets might be at this
stage.
Score: out of
2
3
3
2
Confidential panel feedback:
Question10: What are the barriers you need to overcome to succeed and how will you do this?
Response:
We’re looking for:
Score: out of
Has identified a sequence of objectives for the business in the
next two years
2
Has identified what could go wrong/ the barriers to achieving
each of these objectives.
3
Has identified what to do to prevent /overcome these problems.
3
Has a survival plan which allows for it taking longer than
expected to generate a living income from this idea.
2
Confidential panel feedback:
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Use our resources:
http://www1.uwe.ac.uk/students/careersandemployability/careers/careeroptions/enterpriseandselfemployment.aspx