Entrepreneurs need to know if their business ideas will work. Entrepreneurs need to decide if what they're thinking of doing will hit big. That's where the "H & W's Method" comes in. What is the "H & W's Method?" It's simple. It asks, how, who, what, where, when, and why.
The "H & W's Method” is a concrete method for entrepreneurs to discover if there business idea is a potential homerun, or a strike out.
Answer the questions below using the "H & W's Method" Breakdown
Who exactly are you?
If your business can be identified as a person, who would it be? Would they be the warriors in their field? Would they be winners? Would they be the angels sent from heaven, who come to help its customers? If who you are, is the best, that's a hint that your business idea has legs.
What product or service are you offering?
This helps you describes if the product or service you're offering is unique. It helps create a visual experience of what it would look like in the marketplace. Is your product going to be faster, smaller, packaged, or whatever else than the others? Is the service going to be better? If your product can literally change the course of an industry, that is another sign you got a winner on your hands.
When will be the appropriate time frame to begin?
Timing is everything. Knowing when this new business can be launched and start going will be critical to success. It might not be the right time in the marketplace. Decide, as an entrepreneur, if the timing is right.
Where would everything be located?
You have to work out the details whether or not you will bootstrap and work from home or have an office. Not only you have to decide where your headquarters are, but decide where would be the place to sell your product or service? Online is always a benefit as it enlarges your customer base.
Why are you doing this?
This is an important question that you must address. Every business has a mission. If you don't have a mission, a vision to see through tough obstacles, the business will lose motivation. For example, Wal-Mart's mission is to provide consumer brand products at the lowest price, so its customers who struggle financially will save money and still can have quality. Entrepreneurs must know their why. It should be inspiring. Something that can change the world. Possibly.
How is a very important question. It must be asked in all levels. How do you plan to market/sell? How do you plan to systemize the business? How do you plan to raise money? How do you plan to expand? The devil is in the details, and how will bring that devil out.
Now you know the "H & W's Method," it's time to decide. Entrepreneurs: Will it work?