Nearly 70% of Canadian small businesses don’t last to their second year – ouch! Studies show that entrepreneurs who have some sort of education in the finer points of starting a business see their success rate rise from 30% to 80-90%.
So, why not start this small business education right from the small business idea? One of the first things we tell our entrepreneurs is that a small business idea may not translate into a viable small business. Many things come into play between the A-Ha! Moment and the Open for Business Moment. In our February newsletter, we talk about GoForth Institute’s VPMF Test, a quick screening model that runs a small business idea past four key pillars of success:
- Value
- Problem solving
- Money-making
- Fit
The VPMF Test was created by Dr. Leslie Roberts as a way for entrepreneurs to quickly identify strengths and weaknesses in their small business idea. It’s a great jumping-off point for future development – or the best time to walk away, before too much money and time have been invested.
Read more about GoForth Institute’s VPMF test for small business idea screening. What do you think of it?