Seth is as insightful as ever in this blog post:
This project you’re working on, the new business or offering, what sort of value does it create?
Who is it for? What mindset and worldview and situation?
Is it paid for by organizations or individuals?
Does it solve a new problem or is it another/better solution to an old problem?
Will a few users pay a lot, or will a lot of users pay a little?
Do the people you seek to serve know that they have the problem you can solve for them?
Are you leveraging an asset that others don’t have?
Are you hiring talent and reselling it at a profit?
Are you combining the previously uncombined in a way that’s hard to duplicate?
Are you building technology that will create its own inertia, disrupting existing value chains and improving as it goes?
Are you doing something that others can’t do, or won’t do, and will that continue?
If you’re solving an existing problem, are you hoping that people will switch to your solution, or is the goal to get users who are new to the market or unaware of existing solutions?
Do you need a salesforce? What percentage of the value that’s created is created by talented salespeople?
How will people find out about the solution you are offering?