An Excel version of the Scorecard is available. I’ve also created this online version of it.
To use this scorecard, type in a score for each feature into the Raw Score column. This score can range from -10 to +10, with -10 being the worst and +10 being the best. McKnight discusses each factor in great detail in his book. Purchase a copy if you would like to know more about any of them.
After you’ve finished scoring your business idea, your final Grade will indicate the viability of your idea. If your grade is:
80% or higher – You have a good chance of success, and your grade is high enough to potentially seek outside funding.
70% – 79% – You have a decent chance of success. Examine each factor to see if you can improve its score.
60% – 69% – You have a low chance of success. Examine each factor to see if you can improve its score.
50% or lower – You should move on to another idea.
This scorecard isn’t only designed to give you a one-shot assessment of your business idea. As mentioned above, it also reveals the various factors that can significantly improve the success of your business. If you have a low score on any of these elements, consider revisiting each one and thinking of ways to raise that score.