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I’m about to launch an exciting business development program and it’s my auspicious task to select up and coming, promising entrepreneurs to participate in this business growth and life changing program.

I realized that I had to come up with some sort of universal criteria, a filter if you will, to look at each business through. Then I could rate each business on its merits and make my decisions. Sounds smart, but what should the criteria be?

After much pondering, consulting my favorite business books and yakking with one of my business mentors, the light bulb went off – any criteria I would use to select participants for this program would also be valuable to entrepreneurs for the purpose of evaluating their start-up or ongoing business’ success potential.

So, here’s my top 10 list of how best to assess your own business:

1. Why are you passionate about this business? Connect with your passion for your business, your product, or both. It takes tons of energy to start or build a business. Articulating why you want to do it, and reminding yourself frequently will help you weather the natural ups and downs. Is connecting with people what your passionate about? Creating beauty? Empowering children? Passion’s the fuel that keeps the entrepreneurial engine burning. Ignite it.

2. If your business didn’t exist, how would the world be worse off? I love this question; it’s from Guy Kawasaki, author of The Art Of The Start. Although the question is related to passion, it really points to meaning. In my experience, a sense of meaning is the most powerful motivator out there – certainly above money, power and fame. Do you want to make the world a better place? Create sustainability for the next generation? Assure the continuance of culture? Once you declare the meaning or purpose of your business, you become unstoppable, magnetic and highly motivated to succeed.

3. What’s the need in the marketplace your product or service fills? Who is your customer and what problem is your product designed to solve?If you can’t answer this question, you probably don’t have a viable business. Obviously, commerce is based on the demand of the consumer. It’s all very well and good to have the best quality widget this side of the Mississippi, but if it doesn’t fill a need, or, better yet, create one, you’re dead in the water. Find a niche and own it. Assess this honestly. Who absolutely needs your product and why?

4. What’s remarkable about your product or service? Assuming you’ve articulated a consumer need in the marketplace, next you have to assess if your product or service is unique and marketable. What’s special about your all-natural-animal-friendly soap compared to the thousand other all-natural-animal-friendly soaps out there? You need to determine how you will capture the segment of the market you’ll target and if your product has a wide enough appeal to be profitable in a competitive and changing marketplace.

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