187 Day Of 1095: The 10 Essential Questions Every Startup Must Answer

In the midst of chaos, a moment of clarity can be found. Today, amidst the backdrop of war, I took a brief pause to focus on an essential aspect of my work—our startup's pivot. Inspired by my dear friend and serial biotech entrepreneur, Gal, I was reminded of the fundamental questions every startup must address.

In this LinkedIn article, I'll share these questions with you. Whether you’re brainstorming with your team or sketching out ideas on a whiteboard, these questions will guide your strategic thinking and decision-making. Ready to elevate your startup? Let's get started.

What Exactly Is Your Product?

The first question seems obvious, but it's crucial. What are you offering? Clearly defining your product is the foundation of your startup. Without a precise understanding of what you're creating, everything else becomes murky.

What Problem Are You Solving?

Identify the specific problem your product addresses. This isn’t just about finding a market need; it's about understanding the pain points of your target audience. Why does this problem matter, and why does it need solving now?

How Is This Problem Currently Being Addressed?

It's essential to know the current landscape. Who are the existing players, and what solutions are they offering? Understand who stands to gain or lose from your solution. This will help you position your product more effectively.

Who Will Pay, Who Will Benefit, and Who Decides?

This one's a bit complex. Determine the key stakeholders involved. Who will pay for your solution? Who benefits the most? Importantly, who makes the purchasing decision? Sometimes, the person benefiting isn't the one making the final call.

What Are Your Competitive Advantages?

Analyze your product's unique selling points. How do these advantages stack up against the competition? Ensure these parameters are significant to the decision-makers.

Do Industry Trends Support Your Solution?

Look at the macro trends in your industry. Are they in favor of your solution? Use data and insights from relevant organizations to validate your approach.

What Information Do You Already Have?

Assess the data and insights you currently possess. This could be customer feedback, market research, or performance metrics. Knowing where you stand will help you identify gaps and opportunities.

What Additional Information Do You Need?

Identify the data gaps that need filling. What information will convince decision-makers to choose your product? Plan how you'll gather and analyze this data.

Who Are Your Strategic Partners?

Consider potential alliances. Who can you collaborate with for a synergistic relationship? Strategic partnerships can accelerate growth and provide mutual benefits.

What Are Your Marketing Channels and Strategy?

Plan your marketing mix—the 4Ps. Define your channels, distribution methods, messaging, and competitive yet profitable pricing. Ensure your strategy aligns with your target audience's preferences and behaviors.

Conclusion

These questions are not just a checklist; they're a blueprint for your startup’s success. Take the time to answer them thoroughly, and you'll have a clearer path forward.

How do you approach these fundamental questions in your startup? Share your thoughts in the comments below—I’d love to hear from you.

Until next time,

Eliav.