11 Questions to Ask Before Starting a Business

2022-10-05T08:00:56+00:00

By Publisher

The concept of entrepreneurship has been made to look so appealing that everyone dreams of becoming an entrepreneur. While this is not out of place, many people are going about it the wrong way.Why do you really want to be an entrepreneur and what value are you bringing to the market?These are basic issues that you must settle before venturing on the path of entrepreneurship. You shouldn’t just focus on the destination, you should be even more mindful of the path and the vehicle that will get you there.It is important that you know what entrepreneurship really entails and if you are prepared for it. A lot more goes into being a successful entrepreneur than having a vague idea or simply following your passion.Entrepreneurship is the act of mixing and turning personal skills together with all factors of production into a profitable business venture that will provide goods or services to an identified market in need of it.Does that paint a picture of what you have in mind? And are you prepared to give it the commitment that it requires?These 11 questions will help you to assess your degree of readiness to pursue your quest of being an entrepreneur.

1. What are my unique circumstances?

Don’t go into a business venture simply because other people are going into it. You need to consider what you have the resources, ability, interest and contacts to do. This will help you determine the path that is right for you.

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2. Do I have the necessary commitment needed to succeed in a business undertaking?

If you are someone who easily gives up when the going gets rough, you are probably not ready to become an entrepreneur.Entrepreneurship often requires a dogged pursuit of your business goals.

3. Am I prepared to work extremely hard, to devote long hours of labour to my business?

Some people go into business because they want to have more free time.Although that may happen in the long run, it is usually a far-fetched dream, especially when you are just starting out. Being a successful entrepreneur is hard work.

4. Do I have the mental stamina and concentration to meet the demands my project will impose on me?

Entrepreneurship will stretch you in many ways. It will put a lot of demands on you that you wouldn’t have to handle if you weren’t an entrepreneur. It is important that you have the wherewithal to withstand these demands.

5. Do I accept new ideas easily? Do I treat other people with respect? Am I able to make decisions right away?

As an entrepreneur, you cannot afford to be dogmatic; you must rather be dynamic. It is important that you have a mind that is receptive to new ideas and processes information quickly. You must also know how to handle relationships well.

6. How do I deal with problem solving?

You must have a proactive approach to dealing with problems if you are to succeed as an entrepreneur. Don’t just spend time analysing a problem. Go ahead and find a solution. The worst thing you can do is to shy away from the problem and hope for the best.

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7. Am I ready to commit to the long term, knowing that a company’s success is never an overnight miracle?

Patience and persistence are two indispensable qualities that every entrepreneur must possess. It takes a lot of work and commitment over the long term to build a successful and profitable enterprise.

8. What backup resources do I have? Will my family members or friends invest in my company or tide me over during a rough patch?

Things don’t always turn out as expected. It is important to have a backup plan and a support system that can help you ride through turbulent times.

9. Am I good at concentrating on details?

Paying attention to details is another quality that will facilitate the success of your entrepreneurial quest. You should be able to take a careful look at your business and make an informed decision based on accurate interpretation of the facts and details that are available to you.

10. Am I ready to sit down and write a careful analysis of my business prospects?

You don’t want to start a business only to find out that the whole idea was not viable in the first place. Before starting out as an entrepreneur, take time to analyse your business prospects and know where you are headed.

11. Am I by nature an optimist?

Knowing that mistakes and setbacks are bound to occur, are you able to learn from your mistakes without getting derailed or discouraged? Having a positive attitude will help you rise and move on after every setback.Being an entrepreneur requires you to organise a business venture and assume the risk for it. You need to be clear on this before starting out.