Jeff Cornwall , an academic professor of entrepreneurship and author of The Entrepreneurial Mind recently wrote an article for The Tennessean, in which he cautions aspiring entrepreneurs to consider the Three "M" questions before taking a leap of faith into a new business.

Since this topic is on my mind following the conclusion of our first fun and lively 4-week BizIdeas^TM Teleseminar, I thought I'd summarize the article for you as it is so relevant to the process of deciding what business to start. Thanks to Jeff for the inspiration!

He begins (and I completely agree!):

"A key skill that successful entrepreneurs learn is to assess possible opportunities more efficiently and quickly before they make an extensive commitment of time and money to launch the business or even to develop a full business plan.

This process allows entrepreneurs to weed out ideas that are doomed to fail before they even begin. There are three basic questions used to assess opportunities, which I call the '3 M's'."

And his questions are:

1. Is there a MARKET?
   Are there people or businesses that will pay for your services or products? Is there either a strong need or a powerful want? Is the market big enough? Can you reach your market collectively in "gathering places" or will you have to try and reach them one by one (expensive to do!)? Is the market growing?
   
   
2. Is there a MARGIN?
   Once you have run the numbers for your business model (projected revenues, fixed and variable ongoing costs, start-up costs etc.), is there a high enough profit margin to not only allow you to sustain the business and yourself, but potentially reinvest to allow the business to grow, if that is part of the plan?
   
   
3. Is this for ME?
   This is where Passion rears its princely head, alongside its twin sister Persistence. It is your emotional investment and tenacity that will help you navigate the waters when they get rough or uncertain. Do you care enough about your idea, and what it stands for (a better world, a better community, a better outcome for someone, a better education for your kids - whatever it truly means to you) to commit the precious resources of your time, your energy and your money to succeeding?

What are YOUR answers?