Read this Next Steps When You Have a Great Idea For a Business article to learn 5 steps you can take to transition from having a creative idea to launching a business. Then answer the questions below

Question

1. Why is it important to talk to trusted allies after developing a business idea?

2. Who in your life would you trust to talk about your future business?

3. Identify at least 4 questions you would want to answer when doing market research.

4. Why is it important to develop a business plan?

5. What is another way to build a "prototype" for your business besides creating a sample physical product?

6. What are 2 ways you can get the money you need to stort a business?

7. Why do you think it's important to go through these steps in the recommended order?

Make it seem like a 9th grader wrote it and keep it short and simple.

Answer 1

1. It’s important to talk to trusted allies after developing a business idea because they can give you feedback and support. They might share helpful insights that you haven’t thought about.

2. I would trust my parents and my best friend to talk about my future business. They know me well and want to see me succeed.

3. Four questions I would want to answer when doing market research are:

   • Who are my customers?
   • What problems do they have that my business can solve?
   • Who are my competitors?
   • What price should I charge for my product or service?

4. It’s important to develop a business plan because it helps you organize your ideas and set goals. It’s also useful if you need to show it to investors or banks to get funding.

5. Another way to build a "prototype" for your business is to create a website or an online presentation. This can help show what your business will be like without making a physical product.

6. Two ways I can get the money I need to start a business are by asking family for a loan or looking for small business grants.

7. I think it’s important to go through these steps in the recommended order because each step builds on the previous one. Starting with talking to allies helps you refine your idea before doing research, which gives you a clearer plan for the business.