I’m sure you’ve heard the story about how Richard Branson chartered a private aircraft when his flight to Puerto Rico was cancelled, and how pitched the idea of sharing it to fellow passengers using a chalk board. Although he wasn’t planning to turn this into a long term business venture at the time, Richard still had to create a value proposition in order to get people interested.

He had to begin by asking himself these questions, progressing to number five when he decided to launch Virgin Atlantic.

1. Do people want what I’m planning to make or offer?
2. How can I create and deliver it at a price they are willing to pay?
3. Can this product or service deliver on the promises I make to people?
4. How will I let people know about what I’ve created?
5. Can I generate enough money to build on my idea?

The answers to these five simple questions form the foundation of every business in existence.

Have you answered them yet?

Image bu Denni Schnapp.