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BUS 6040: Capstone - Entrepreneurial Focus

Module 1: Startup Questions Worksheet

BUS 6040 Module 1: Startup Questions

Oludare Ogundipe

Master of Business Administration, Nexford University

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BUS 6040: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet

Complete this worksheet using the directions within to guide you. Submit your completed worksheet in the “Assignment and Grades”
tab in your course menu. When you have submitted this assignment for grading, please return to Module 1 for a module wrap-up.

Startup Questions Worksheet

Directions: This assignment addresses the major issues that any entrepreneur must confront when starting a new business. This is
your opportunity to identify what you know and what information gaps exist in regard to a business that you want to start.

Step 1: Read the article The 20 Most Common Business Startup Questions.

Step 2: Write answers in Column 2 for each of the 20 questions listed in Column 1.

Step 3. If you do not have an answer for a listed question, skip Column 2 and indicate in Column 3 what research is needed for you
to answer the question. List sources that will help you develop an answer.
● Exception: Question 1 must be answered.

Column 1 Column 2 Column 3

20 Questions Your Answer What Research is Needed for Me to
Use complete sentences. Answer the Question?
List sources that can help you
develop an answer.

1. What Kind of Business Should I Start? The business should be an eHealth

Marketplace for the Nigerian Market.
The business will be a basic app-based
technology solution that allows consumers
to get diagnoses, treatment, and
prescription dispensing quickly, convenient,
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BUS 6040: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
2. Can I Operate My Business from Home?
3. How Much Money Do I Need?
4. How Do I Pick A Location?
5. Who Will My Customer Base Be?
6. Should I Write My Own Business Plan?
7. Am I Better Off Buying A Franchise Or
Starting A New Company?
8. Should I Start One Company Or Several?
and affordable, digitally.
The business will require a formal office
space to accommodate the team.
The business needs 120 thousand dollars
for takeoff.
The business will be located in a market
with a significant cluster of customers and
possesses sufficient attraction to talents.
The customers will be healthcare providers,
healthcare professionals, and healthcare
suppliers on the supply side, and individual
or group healthcare consumers on the
demand side.
Yes, the founders should create the
business plan to assist in the
conceptualization, articulation, and fine-
tuning of the business model and strategy.
The business will do better building from
scratch to adequately capture and manage
the peculiarities of resource-restricted
environments like Nigeria.
Only one company will be required for the
business idea.
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BUS 6040: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
9. When Can I Expect To Be Profitable?
10. Where Can I Obtain Financing?
11. Am I Required To Have A License To
Start My Business?
12. What Setbacks Should I Anticipate?
13. What Kind Of Competition Will I Face?
The worst-case scenario projects the
business to break even by month-29,
leading to profitability in less than three
years.
The seed financing for this business will be
sourced from Angel Investors. A pre-seed
investment round will be raised from Family
and Friends to develop a working prototype
and acquire customers' first tranche.
Online marketplaces are not regulated in
Nigeria. However, necessary incorporation
and registration documentation will be
secured for the business.
The business could face operational and
financial setbacks occasioned by factors
like; inability to execute, third-party
liabilities, financial risks, losses,
the emergence of better-funded
competitors, and unfavorable policy or
regulatory changes.
The main competition will come from
players offering remote/ mobile-based
healthcare applications that allow
teleconsultation, pharmacy delivery, and at-
home lab services for individuals.
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BUS 6040: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
14. Is My Product Or Service Valuable?
15. Who Will Help Me?
16. How Soon Is Too Soon To Make Radical
Changes If I Struggle At First?
17. Is It A Good Idea To Finance Out Of
Pocket?
18. How Should I Pay Myself?
19. How Will I Attract Talent?
The service delivers scalability and ubiquity
to healthcare provision affordably and
simply.
The business will engage the services of
Financial and Strategy Consultants while
strategic partnerships will be pursued with
Trade Unions and industry groups.
The operating philosophy is that a startup is
"a business idea searching out for a
scalable, repeatable, and sustainable
model." This definition allows the team to
make required radical changes on the fly
while stabilizing the business.
Part of the funding for the business will
come out of pocket. This will engender
commitment and prudence in managers.
Remuneration to business founders will be
in the form of allowances to cover living
expenses plus additional performance
bonuses tied to performance at the start of
the business. As the company becomes
profitable, a more competitive remuneration
package can be created for owner-
managers.
Talents will be attracted by locating the
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BUS 6040: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet

business in commercial cities with

sufficient drawing-power for experts,
offering competitive remuneration and
welfare packages, and providing a clear
articulation of staff's business vision and
goals.

20. What If I Fail? Suppose one of the identified setbacks

materializes and leads to business failure.
In that case, the owners will analyze the
loss, set the finances in order, take some
time off to recoup, and start thinking about
another business.