This blog is a continuation of the blog 10 Questions To Need to Answer Before Starting Your Own Business: Part One. Click on to find out what the first five questions to ask before you start your business are!
6. Am I ready to invest the next few years of my life to my business?
This is a very important question that goes unanswered by most budding businessmen. It is seldom that a new business venture takes off immediately. Many startups develop painstakingly over a number of years on conceptualization, quality testing, creation, and assessment before news about them is circulated. Question is, are you willing to bear through it all and invest the next few years of your life before being able to rake in your first dollar of profit? If that sacrifice sounds too daunting for you, being an entrepreneur may not be your cup of tea.
Even if you intend to maintain your startup as your side business, at some juncture you will be required to immerse yourself in it to escalate it to the next level. Whether you intend to generate profits or develop value in your company for acquisition, the dedication of several years of your life to it is non-negotiable.
7. Who are my customers?
Historically, it has been very unlikely that a product has skyrocketed in popularity to make everyone a potential buyer. As a new business owner, it is essential that you can identify specifically who are going to buy your products or services, and most probably, it is not everyone.
It is vital to know who your customers will be, and that can be accomplished by recognizing how your company’s products or services can present itself as a solution to a specific problem or inconvenience. That will enable you to tailor your company’s offerings to that problem, which can be achieved with relative ease via the Internet these days.
After recognising your precise pool of customers, obtain market data on them and devise your company’s sales strategy to your target market to enable you to hit bull’s eye much faster.
8. What is my long-term goal?
Some entrepreneurs dream of franchising their business and growing an international conglomerate. Some are content with drawing profits and maintaining positive cash flow. Whichever the size of your dreams, it is paramount that you are realistic about it and what is needed to materialize those dreams. There has rarely been a family retail shop that expanded into an international empire without that being the original aspiration. If you plan for your company to become a global brand one day, you have to have the vision from right at the start.
9. Do I have an exit plan?
Not every entrepreneur needs an escape plan. If you started a company so as to pursue your passion and never want to work a day in your life for a boss again, then you probably will not need an exit strategy. But if are starting a family-based venture, it is crucial to know who will be the next in line to head the business after you. This is to prevent you from feeling disenchanted on why you even started the business in the first place.
10. Am I ready to become a boss?
Not every entrepreneur can become a good boss. Groupon’s former CEO Andrew Mason was an extraordinary entrepreneur, but turned out to be a terrible boss, because as much as he was able to develop and execute his vision, he was not able to successfully delegate it to others. A good boss is one that does not clamour to do everything by themselves, but learn to let it go and hand it over to the appropriate people. It is undeniable that as your business grows, you will encounter the need to rope in employees to ensure that operations proceed unceasingly. Thus, every entrepreneur must question themselves if they are prepared to undertake that responsibility and the associated liabilities such as payroll and benefits.
These ten questions are by no means meant to demoralize a hopeful entrepreneur or diminish their confidence in starting a company. It is merely to illustrate the stark realities that often go unexamined when a person dives into entrepreneurship. By discovering your response to these ten questions, you will undoubtedly inch closer towards attaining success in your business.
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