Questions about Starting a Business
Indulging and acting on the idea of starting a business is reasonable considering that they answer one’s daily practical needs and the goal for financial independence.
But there are few questions a would-be entrepreneur must answer first to gauge his success or failure in the business. Read on and learn what these questions are.
There is no doubt that the reason why someone would want to start a business is to solve his daily practical economic issues and at the same time set the goal to be financially independent someday. But starting a business does not run only because of these reasons. These are good reasons to start a business but before further venturing into the business proper, there are important questions a would-be/wannabe entrepreneur must answer to himself.
Questions about starting a business can be divided into two main categories. One is the personal questions seeking an answer whether one is cut to be a businessman. The other one on the other hand, are the business questions that deal with business viability perspective as a whole.
The Personal Questions on Starting a Business
Are you a self starter? Starting and running a business means you have no supervisor or boss who will look at you whether you are working or not, or tell you what you should do. You are your own boss and if you lack the characteristic of having your own initiative to do the business work then you have a problem there.
Do you enjoy challenges? When you are the owner of a business, especially a startup one, the deluge of myriad of challenges will come to you. If you do not like challenges, meaning you are weak-hearted, then double check if starting a business is right for you.
Do you love your business? Starting a business takes a lot of work you can never imagine. If you have an experience working as an employee and abhor working eight hours a day be prepared to work longer when starting a business. This is the importance why you should love your business work.
Business Viability Questions on Starting a Business
Is your startup business a money-making machine? There are many ideas for a product or service but most of the time the would-be entrepreneur misses the point that his product or idea does not sell. Big companies usually spend a lot of time evaluating and testing their products and services, why shouldn’t you.
What makes your product or service different? There are a lot of products and services being marketed around and you should ask what makes yours different. This is the selling point that will spell the success of your business.
Who are your target customers? If you are starting a business it must be clear as to whom you are selling your product or services. What kind of customers are you targeting? They are the ones who will buy your products and services so this is important.
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