One of the most pertinent questions to ask once you have a new business idea is also quite simple:
Has someone else already tried it?
If they have tried it already, what happened?
Often, it is tempting to believe that any new business idea you have will be an overnight success. However, if the idea is a really good one, it is highly probable that other people have already tried it. It is worth checking first, to see what the results were for these early adopters, and if they failed, what the causes were behind their failure(s). If the causes included poor execution of a great idea, then perhaps the idea is still worth exploring further. Nevertheless, superb execution of a poor business idea can still lead to failure or only minor successes, so it is important to understand the historical background of your business idea first.
If they have …