Start with a terrific idea/concept that should be big enough to make a difference, small enough to be achievable and something you believe in, something you’re willing to dedicate your life to, and it should be something that will attract the interest and energy of others.

Next consider the market size and whether the market is large and growing and does the market have a demonstrable need for the product or service, and will the company the market driven, or basically will anyone care about the product and the fact that it is available.

Understand the competition and how crowded the spaces, are you in the market first, how many people are doing the same thing in the far ahead are they, does your idea have a competitive advantage and is the advantage sustainable, and what lessons can be learned from the competition?

What is the core product one, do you have a proprietary position, is it really a “break-through” product or a “me-to” product, how far have you developed it, is the advantage clearly defined and understood by you and your team, and what can you do to stay competitive once the competition responds?

What is the business model, can you make money and, if so how much, what are your sales channels, can you manage the margins of the business and how sensitive are they to competition, and is the business workable over a long time frame based on only one opportunity?

Can you assemble the right team, since your management team needs to be world class, and does your management team have startup experience, domain or industry experience, and sales experience, who will sit on the board of directors, and who will be your professional service providers and outside advisors?

Can the team conquer adversity, how will the team react to the first major hiccup, has the team proven it can think outside of the box, can you demonstrate that you have learned from past failures, and can the team to find solutions that are creative and not destructive?

Can the business raise money, how much money will be needed for a successful exit of the investors, what sources of capital are likely for each stage of growth, and how much will the initial investors ownership be diluted by bringing in more owners and their money?

What about the legal aspects since savvy investors are always on the lookout for potential legal snags your plan may have such as was the product developed while you were employed somewhere else, are there any employment contracts or non-compete agreements, is there any possible patent or trademark infringement, is there clear ownership of your product or service, and full disclosure of any of these issues is a must to avoid larger problems later on. Be sure and consult with an attorney if you need advice on any such issues.

Are you prepared, can you accept someone else owning your business, will you be able to let someone else take over the management of the business as it grows, are you prepared to begin delegating task that you have performed in the past, and how big and how fast do you want your business to grow?