The Ultimate Business Intelligence Check List

This post is a ongoing blog that will keep adding important questions to ask of a idea before a business plan can (and should) be developed.
The idea is that; of the hundreds of exciting and potentially lucrative ideas we have whilst brainstorming; we then need a list of considerations to help us to sort out the best ones; those that will have the most chance of succeeding...

• Does the product or service have a "Hungry Crowd" looking for it ? (If not, how can i create a hungry crowd for it?)

• Is the market a new market product/service, or an existing one with unique improvements? (The products or services being sold are unique and have a large enough population to create a successful business.)

• Can a new industry be built around this improved or new product/service ? ( think Gates/Jobs looking at the cover of Popular Electronics inaugural edition and sensing the arrival of home and business PC revolution )

• Is the prospective /existing market, for the product/service, ubiquitous or niche ? (The companies that focus on a particular group that isn't being overserved have a terrific opportunity. eg current information: professional peer reviews, consumer reports)
  

• If the business of sales is about making people happy, is this a product/service that makes people happy, or is about survival and necessity?

• Can you differentiate between your business and others like it?
  
• Does it have a better product, better customer service?
  
• Is it unique in some way?
• Can you differentiate between the business and others like it? Does it have a better product, better customer service? Is it unique in some way? TJ

• Are your profit margins enough to not just keep you afloat, but also to be worthwhile for all your time and energy? High Margins? (the best businesses to get into are high-margin businesses, which allow management to make mistakes and take risks.)
  
• or will the business require High Volume ? (If you don't have high margins, then you better do a volume business.)

• A companies greatest product is itself; so will the business itself be attractive to many business buyers in the future?

• Can it be run without developed expertise ? ( businesses that are turn key solutions are more attractive to untrained business investors/buyers)

• Is the product a 'once only' purchased item, or a consumable item that will encourage repeat business? ( Because customer acquisition costs is one of the most expensive parts of running any business and especially an online business, businesses that attract repeat buyers lower their customer acquisition cost and build a profitable business overtime....eg online gaming)

• If and when the idea finally becomes capitalized ( and profitable) will it also inspire you to do more of it because you will love doing it all the more?

• Is the marketing cost of the business a Low Customer Acquisition Cost? (The largest cost for any business,regardless of whether it's online or offline, is customer acquisition.) Companies that can privately label their services and leverage other people's contacts and members are going to be winners.)

• Does the team have Good Money Management skills ?
  
• Does the business require high profile= high cost premises? (You have to respect money and believe that whatever money you raise needs to be marshaled out smartly. The good managers don't put their companies in Class"A" office facilities; they look for the cheapest space. They buy everything at a discount and they don't add people until absolutely necessary.)

• Is the business one with Low-Maintenance Cost? (Leasing ? ... annual rebuilding or updating a site will require a team of people to be on payroll to maintain a site.)

• Will the business require extensive customer support?
  
  

Richest in Australia

Ten Richest People in Australia in 2006 according to the BRW business magazine.
(All figures in Australian Dollars)

1. James Packer,$7.1 billion, PBL, Publishing and Broadcasting Limited
2. Frank Lowy, $5.4 billion, Westfield Shopping Centers
3. Richard Pratt, $5.2 billion, Visy Industries
4. Zhengrong Shi, $3 billion, Suntech Power Holdings
5. Harry Triguboff, $2.5 billion, Meriton Apartments
6. David Hains and Family, $2.3 billion, Portland House Group
7. Len Ainsworth and sons, $1.9 billion, Ainsworth Game Technology
8. John Gandel, $1.8 billion, CFS Gandel Retail Trust
9. Gina Rinehart, $1.8 billion, Hancock Prospecting
10. Kerry Stokes, $1.8 billion, Seven Network (television station)

Quotes from Janet Holmes a Court - who is worth $180 million:

We have to shift our emphasis from economic efficiency and materialism towards a sustainable quality of life and to healing of our society, of our people and our ecological systems.
Janet Holmes a Court - Economy - Environmental - Life

I do believe that it is extremely important that each one of us is a participant in life and what's going on around us rather than being a spectator to it and if you do that, if you participate in the world, in your community, your school, your company, or your country, whatever.. they you will be useful and hopefully leave the planet a little better.
Janet Holmes a Court - Environmental - Life - Encouragement

Now we've got around seven thousand people working, and that to me is fantastically satisfying.. more than dollars and cents, because I just believe that the greatest thing you can give someone is a job.
Janet Holmes a Court - Jobs - Money

The company was quite hierarchical. I often think it was like a pyramid with Robert (husband Robert Holmes à Court) at the top and lots of us paying homage to him. I try to turn the pyramid upside down so that I'm at the bottom and bubbling away and encouraging people and energising them so that they are all empowered so that they can do what they need to do, now that's the dream.
Janet Holmes a Court - Encouragement - Leadership - Employees

I think this feeling that I have for people and the importance of behaving in a way which is respectful to people of all colours, shapes, sizes and religions goes back a very long way.. possibly to my mother and father in very early stages of childhood.
Janet Holmes a Court - People