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Business Idea-Market Understanding
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Personal
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- What is my business idea, and how does it fulfill a gap in the market?
- Have I conducted thorough market research to validate the demand for my product or service?
- Who are the target audience for my business, and do I understand their needs and preferences?
- How will I differentiate my business from existing competitors in Nepal?
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- Do I have the necessary skills and experience to run an MSME in Nepal?
- Am I prepared for the time and effort required to build and grow a successful business?
- How will I manage my work-life balance as an MSME owner?
- Am I mentally and emotionally prepared to face the uncertainties and challenges of entrepreneurship?
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Plan-Vision-Goal
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Finance-Business Model
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- Do I have a clear and well-defined business plan that outlines my goals and strategies?
- What are my long-term goals for the business, and how will I measure success?
- What is my exit strategy if I decide to sell or close the business in the future?
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- How will I manage the financial aspects of my business, including cash flow and expenses?
- Have I assessed the initial investment required and do I have access to funding sources?
- Have I analyzed the potential profitability and sustainability of my business model?
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Business Management
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Collaboration-Mentorship-Industry
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- How will I handle HR and employee management, if applicable?
- What technology and infrastructure will I need to run my business efficiently?
- How will I market and promote my products or services to reach my target customers effectively?
- Do I have access to a reliable supply chain for my products or raw materials?
- How will I maintain quality control in my products or services?
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- Will I be running the business alone or with partners? What are the implications of each option?
- Have I explored potential partnerships or collaborations with other businesses?
- How will I stay updated on industry trends and changes in the Nepali market?
- Do I have a support system or mentorship to guide me through the entrepreneurial journey?
- Have I received feedback and advice from experienced entrepreneurs or professionals in the field?
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Risks-Challenges
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Legal-Social-Tax-Environment
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- Have I identified potential risks and challenges that my business might face?
- Do I have a contingency plan in case my business faces unexpected setbacks?
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- What are the legal requirements and regulations for starting and operating my MSME?
- What are the tax implications and incentives for MSMEs in Nepal?
- Have I considered the environmental and social impacts of my business operations?
- What are the local cultural norms and business practices that I need to be aware of?
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