1. Have I done my research?

“Get out of the building, talk to people, understand the pain point, then validate the solution you are thinking of. If the start-up’s objective is to seek partners, they must research and target strategic partnerships,” says Diane Eustaquio, executive director of IdeaSpace, a non-profit organization that supports innovation, technology development, and entrepreneurship based in the Philippines.

Research is part of planning, which prevents us from future mishaps. As Alan Lakein, known author of personal time management books, says, “Failing to plan is planning to fail.”

2. What are the risks?

Many start-ups fail because founders are blinded by the new product or idea they have that they fail to see the risks of their new venture.

“Aspiring start-up entrepreneurs are sometimes blind of the potential risks of doing their startups. Good founders are not great risk takers – they are risk reducers. Good investors have faith in those who have done risk assessment,” Eustaquio says.

3. Why am I doing this?

Ask yourself why you’re acting on this idea in the first place: Why is this start-up worth building?

Eustaquio says: “The germ of the idea that comes from a personal pain point is stronger than an idea that one chances upon. I am a fan of Simon Sinek’s “Start With Why.” As Simon Sinek says, ‘people don’t buy what you do; they buy why you do it, and what you do simply proves what you believe.’ ”

“[M]ake sure that your start-up idea is close to your heart, something that’s close to your abilities, something that’s within your capital, and something that’s for keeps – something that will really be sustainable for you,” says Rio Ilao, founder of Philippine-based startup Tarkie.

4. Who are the people I want in my team?

Find a team who can definitely work well with you in executing your idea. “Don’t just partner with whoever – this will lead to noise,” Eustaquio says.

She adds, “In finding partnerships, getting sales, and securing funding, it’s about the team who knows why they are doing and what they are doing. The team who understands the customer and builds the product the customer is willing to pay for, the team who knows how to handle other people’s resources. As we say at IdeaSpace, ‘the dream is only as good as the team.’”

Having these four questions answered and the issues thought through, building that dream start-up is now much more exciting – isn’t it?