What Questions to Ask Yourself Before Starting a Business?
When people start thinking about becoming an entrepreneur, it usually is for reasons such as flexible schedules, becoming your boss and being in control. But let’s be real, who wouldn’t want that? Which means that somewhere in the back of our mind, we all have a thing about having our own business that we can truly call ours and that also brings in good money.
If you ask anyone who is in business, entrepreneurship does not come without its own set of challenges. What we usually perceive is a lot different than what the reality is. But if you have made up your mind, ask yourself these 6 questions before going any further. Most people underestimate the challenges of building a profitable and sustainable business.
1- Do you have a strong purpose?
Are you aware of your vision? Do you find yourself establishing a purpose-driven business? Do you have a strong drive to change the status quo of something?
It’s important to find your true passion first that gives a lasting drive to your business vision. Unless you are passionate about venturing out as an entrepreneur, you might end up with burn-out and lose all the motivation that initiated the entire idea of having to own a start-up.
2- Do you own a skill that can be of help?
The second step that you can take at the initial stages of your entrepreneurial journey is to identify if you have any skills that you can offer to build this business. Identifying the skills you already have, then find a co-founder and advisory board along the journey to complete your skill set will play a great role in developing your business. Knowing what your business would offer and be able to execute it will ensure what you’re getting yourself into.
3- Are you a highly driven person?
Being able to multi-task and having knowledge about finance, marketing, daily business operations etc. is always needed when starting a new business.
Many people can only perform when they know that someone is monitoring them. As an entrepreneur, you are your own boss and must be self-motivated to direct yourself in being timely and well organized. Not to mention, owning a startup means you are possibly playing every single role before you hire someone.
4- Are you ready to talk with your potential customers?
Is your idea going to work? Have you talked it out to the right people?
How much do you understand your prospects’ needs? How deep do you understand their pain points they are experiencing? Are you creating a product/ a solution that you think it works while neglecting what the customers truly want? What solutions are they using now? What are they not happy with using the current solutions?
All these questions could make it exhaustive for first-time entrepreneurs going through in their heads. Keep in mind that the answers are never by assuming, but by talking to your prospects.
This may seem not easy if you are an introvert, but you need to go that extra mile if you want to own a business and be successful at it. Communication is key!
5- Can you try yourself out before becoming a full-time entrepreneur?
Some people have enough of the corporate world and just want to quit their jobs, however, entrepreneurship maybe it’s a harder journey than you think. It could take longer than you think for a business to take off.
So many people spend all the unnecessary money at the beginning, building the wrong products, using most resources in digital marketing, without knowing the best steps to take for starting a business, in this case, it would be hard for the business to survive before their runway burn out.
Avoid becoming a full-time entrepreneur unless you have completely sorted out and tested in the market with your business plan. It’s best to start working as an entrepreneur on the sides without quitting your current job.
6- Do you have a reliable network?
Become a part of an entrepreneurial network, talk to like-minded people and experienced entrepreneurs through relevant conferences and networking events. Not only can this kind of network expand your perspectives, but also it can become a critical component that helps in directing you to more resources.
Now, go out there and explore! Just make sure that whatever you have to offer has a value attached to it. The greater the value, the greater the benefit you derive in the form of long-term customer relationships and the money they bring into your business.
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Sadia Mehfooz Khan
Chief Copywriter | Ylemer