Before jumping into entrepreneurship here are 3 important questions you should ask yourself.
1.Are you doing something that aligns with what you know?
Your success isn’t measured by how many ideas you have but rather how you execute a select few. Sure you can have lots of great money making proposals, but are you following through with the ones you are capable of accomplishing successfully? Your background, experience, education, and interests must align with the business you are creating. A huge reason why nine out of ten startups usually fail within the first five years is due to entrepreneurs not being in the heart of the business. If your business is not a part of who you are then you might not be the right person to do it. Follow through with a business idea that is aligned with your heart and who you are as a person.
2. Did you do the research? Do you know the risk?
A solid business plan usually entails where you will be in six months, a year, two years, and five years with specific details on how you will get there along with possible obstacles and successes. From there you can compare the investment of time and money. Will it be worth it if you fail? Remember as an entrepreneur you will be working more than you normally would if you were someone else’s employee. Lastly, do you have enough money for the execution? No matter how great your idea is, the numbers must add up in order for you to be successful. Know all of your costs upfront and how much you will need to make consistently in order to turn up a profit. The more research you do the stronger your odds are of success.
3. Have you Identified Your Market?
Before starting your business you won’t have your target market spelled out with the fine print underneath but spending some time discovering potential customers/clients is essential for your business to be successful. The more specific you can be about your target market the better. For example, stating that you will sell running shoes to runners won’t cut it. It is important to take into account location, age, income etc. This will allow you to design a detailed marketing plan and allocate resources more effectively.
What other questions do you believe are essential to ask before the launch of a business?
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