Starting a business can be both immensely stressful and rewarding. It can free an employee from being stifled and write their own paychecks, but at a certain price. Endless nights of work, financially tight periods and near-catastrophic failures are the recounts of many entrepreneurs. Precisely because it presents the wealth of rewards entrepreneurship warrants so much of risk, dedication and commitment. Do you have what it takes to take the plunge? Find out now in this two-part series.
1. Why do you want to become an entrepreneur?
The strength of your motivation behind your entrepreneurial venture will determine the degree of success you can achieve. And such strength and drive stems from how badly you want to be an entrepreneur. Are you unhappy being an employee? Do you feel like you badly need to pursue your passion? The stronger your motivations are, the higher your likelihood to succeed.
2. Are you ready to fail?
Every new business owner will face some extent of disappointments and failures in the road to success. This does not imply that your business venture is doomed and you cannot recover from failures. Success is rewarded to entrepreneurs who perceive failures as learning milestones that allow the re-evaluation of an idea or practice until its works. Never be afraid of rejection or going back to the drawing board to start from scratch.
3. Can you defend your business?
If you are unable to defend your business, or explain why you think your business is a good idea, it simply means you lack the vision of achieving success in your business. To succeed in your business, having a great idea is not enough. You need to have the deep conviction to articulate why customers should try your service or product to address their needs or enhance their convenience. This was what underlined Apple’s mammoth success with the iPad; they created a market for a product which did not possess a pre-existing demand.
4. Am I certain of your company’s earning power?
The main goal of any commercial enterprise is to generate profits. As the crux of any business, it is vital for you to know how and when your business will start raking in revenue. Having a great idea will not suffice. To successfully raise capital, you must be certain of your company’s revenue plan. For instance, if you are developing a website for your company, are you going to sell ad space? Or charge subscriptions? What is the pricing model for your products or services?
5. Do I know who can help me?
The secret behind a successful business and an unsuccessful one is knowing the right people who can realize the vision you possess for your company. After the hurdle of securing funding, every entrepreneur must be able to identify the suitable candidates for the variety of roles in the company. For example, if you are designing your company’s website, who is going to code it? If you are going to incorporate your company, do you know where you can go for help?
Click on to find out more on how AsiaBiz can help incorporate your company.
Watch out for the Part 2 of this article for five more questions before you start your business!