Every entrepreneur is passionate about his or her product, service solution. In our passion to address a social or environmental problem, too often we forget that market demand is the ultimate test of a company and its impact. How do you determine if the product or service is addressing a real pain point, and if the entrepreneur is responsive to the marketplace? The entrepreneur should be readily able to answer the following questions:
• What is the real pain point that your product/service addresses for the buyer?
• What experiences with the problem led to your company’s solution?
• Has your product and/or business model changed over time? If so, how and why?