Last Updated Jul 30, 2010 8:44 PM EDT
Nice work! There are lots of unknown variables in this case, but your answers suggest that you'd make the most of an uncertain scenario and find ways to systematically lower the risks of failure.
Here's how an expert entrepreneur would have navigated the situation:
- 1. Talk with people you know who will support you in making it become a reality.
- 2. Focus on the customers that you have through existing relationships.
- 3. Customers' feedback and how much their ideas reshape your own.
- 4. Pitch the company on a partnership to create a product jointly.
- 5. Determine what you can afford to lose, and minimize the money you need for each step in the process.
Want to know what else will help you succeed as an entrepreneur? Go to the next story: Not a Risk Taker? Don't Fret. Neither Are Most Entrepreneurs.