3-Elevator Questions A Short and Sharp Methodology for Evaluating Business Ideas

Abstract

3- Elevator Questions presents a simple and sharp methodology for accessing the critical elements of any business idea. Many Start-ups spend a lot of time and resources on developing a product or service. Yet after launching the product the market is less than enthused with the offering and slowly the product and the company that launched it go into the background discontented resulting in high failure rate in start-ups. Our proposed methodology provides entrepreneurs with an investors point of view about their company. The 3-Elevator Questions Framework provides a simple framework for testing the commercial success of the business. Following this methodology enables the Entrepreneur to communicate concisely his product/service offering, his target market and the value proposition he is offering them. It also enables the entrepreneur to build a competitive advantage to compete with his competitors. In this paper, we will discuss cases where companies executed a winning strategy by adopting this methodology. In the study conducted, we have obtained desired results with start-ups and we feel that established businesses can obtain similar desired results by using this methodology in commercializing new products/services.