Jim Flowers, director of business acceleration center VT KnowledgeWorks, gave me a sampling of the challenging questions entrepreneurs with business ideas will address when they head to Concept Camp, June 25-27, 2008 at Mountain Lake.
All entrepreneurs must begin with questions about the market. Jim Flowers phrases them like this:
- What significant underlying marketplace group/trend/opportunity will carry your new business to success in spite of itself?
- What is the compelling end-user need your business will address?
- Do the intended buyers already agree that they have a compelling need?
Jim envisions a conversation like this one:
Entrepreneur: "Everybody needs it."
Questioner: "I agree." (Pause.) "Do they?"
Questioner (continuing): "Is it–your product, service, process–on their must-have list and not just on your list for them?"
That’s a difficult, but necessary, question for a person with a passion about his or her idea to pause and answer.
My favorite line on the description of Concept Camp is this one:
"What it costs? Much less than a failed launch."
Concept Camp offers entrepreneurs a chance to pause–in the company of the like-minded–and really ask and answer the hard questions.
At the end of Concept Camp, an entrepreneur’s answers may avoid a failed business launch–or lay the foundational pad for a rocket of a business!