This online seminar is based on the concept of the "Six Key Questions" which was developed in the 1990s at the Entrepreneurial Laboratory (eLab) of the Center for Digital Technology & Management (CDTM), a cooperation of the Ludwig-Maximilians-University Munich (LMU) and the Technical University of Munich (TUM). The aim was to examine a business idea with respect to its feasibility regarding target customers, value proposition, delimitation from competition, and profitabiliaty with a few questions.

The concept was supplemented at the Steinbeis-Transfer-Institute Innovation & Business Creation by the question, to which extent this business idea matches the values, qualifications, and professional and life experiences of the entrepreneur or the founding team.

The formulation of the now "Seven Key Questions" and their answers is not simply sequential but in loops. Whenever you discover that by answering a key questions, new conclusions can be drawn for an already answered question, simply go back to it. In this respect, this approach corresponds to the so-called Design Thinking Method.

The seven key questions are as follows:

Who is your customer?
In which markets are you present? What market and customer segments are you talking about? Describe your customers or customer segments precisely.

Which problem of your customer can be solved by your product or service?
Solve the problems of your customers by meeting their most pressing needs and eliminating the most serious deficiencies. Focus on a few main issues of your customers.
What is the value of your solution for the customer and how can this benefit be measured?
Can the problems of your customers be quantified? Can the benefits of your value proposition be measured in terms of quantity, time, and money? If yes, how? If no, what then?
Why is your solution better than comparable alternatives?
It´s not enough just to solve the problems of your customers and to meet their needs, you also have to do this better than your competitors!
What is your market potential?
With the previous key question, you analyzed the competition at the company level (micro level). Now you have a look at the entire market and gain an overview of your own market position (macro level).
How to make money with your solution?
By selling your products and services you get sales revenues. Two types can be distinguished: one-time and recurring revenues.
Is the timing of your business idea right and does your solution suit you?
Does this really match the social, economic and political framework as well as your values, qualifications, professional and life experiences?

After answering these seven key questions you have the confirmation whether your business idea is directly implementable, economically viable and sustainable - or not. This seminar will enable you to present your business idea to the first customers, potential investors, your partner, friends or acquaintances confidently and purposefully. In addition, you will have a so-called Position Statement, with which you can present your business idea in 30 seconds.

(c) 2016 Steinbeis-Transfer-Institut Innovation & Business Creation, D-82166 Gräfelfing. Alle Rechte vorbehalten. Ein Unternehmen im Steinbeis-Verbund.