BUS 6140: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
Startup Questions Worksheet
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? I am interested in the distribution of medical
equipment business.
2. Can I Operate My Business From Home? YES! I can operate my business from home
3. How Much Money Do I Need? I will need NGN50 million
4. How Do I Pick A Location? I will consider the following in chosen a
location for my business:
Proximity to ports for importation and
logistics
Accessibility to healthcare facilities
Infrastructure availability and quality
Level of competition and
Potential for business expansion in the
chosen location
5. Who Will My Customer Base Be? My customer base will primarily include:
Hospitals (public/Private)
Clinics
Medical laboratories
Other healthcare providers
Diagnostic centers
BUS 6140: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
Faith based health facilities and
Specialized healthcare institutions
6. Should I Write My Own Business Plan? Yes, I should write my own business plan
because:
It provides a comprehensive
understanding of my business concept
and market dynamics.
It allows me to outline my goals,
strategies, and operational details.
It serves as a roadmap for my business's
growth.
It communicates my vision and
objectives effectively to potential
investors and stakeholders.
It encourages strategic thinking and
helps me anticipate challenges and
opportunities in advance.
7. Am I Better Off Buying A Franchise Or I am starting a new company
Starting A New Company?
8. Should I Start One Company Or Several? I am starting with one company
9. When Can I Expect To Be Profitable? I can expect to be profitable within 3 years of
starting the business
10. Where Can I Obtain Financing? I can obtain financing from various sources,
including:
Banks and financial institutions
Angel investors
Personal savings or family and friends
BUS 6140: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
11. Am I Required To Have A License To Start NO license is required to start the business.
My Business?
12. What Setbacks Should I Anticipate? I should anticipate the following setbacks:
Regulatory hurdles and compliance
challenges
Supply chain disruptions or delays.
Intense competition in the market
Fluctuations in currency exchange rates.
Technological issues or equipment
malfunctions
Difficulty in accessing financing or
investment opportunities
13. What Kind Of Competition Will I Face? I will likely face competition from various
sources, including:
Established medical equipment
suppliers.
Other distributors or channel Partners in
the healthcare industry
Online marketplaces selling medical
equipment.
Local manufacturers offering
competitive products.
International companies with a presence
in the market
14. Is My Product Or Service Valuable? Yes, my product as well as service is valuable,
particularly in the healthcare industry where
medical equipment plays a critical role in
patient care and treatment.
15. Who Will Help Me? All I need is financial assistance.
BUS 6140: Capstone - Entrepreneurial Focus
Module 1: Startup Questions Worksheet
16. How Soon Is Too Soon To Make Radical 8 – 12 months is too soon to make radical
Changes If I Struggle At First? changes.
17. Is It A Good Idea To Finance Out Of Pocket? Yes, financing out of pocket can be a viable
option, especially if I have sufficient personal
funds available.
18. How Should I Pay Myself? Consulting with a financial advisor or
accountant can help me determine the most
suitable payment method based on my
circumstances.
19. How Will I Attract Talent? By capitalizing on my experience and industry
knowledge, I can effectively position my
business as an attractive destination for top
talent in the field.
20. What If I Fail? I will start all over.
