QUESTIONS EVERY ENTREPRENEUR SHOULD ANSWER BEFORE STARTING A BUSINESS VENTURE
Every entrepreneur’s dream starts from somewhere; a thought, a discovery, etc. Most times the decision to start a business venture can occur in the unlikeliest of places. If youre reading this, you may have decided to start your business, or you’re in the decision phase. Whichever it is, you’ll find out that there is no straight road on how to start a business. Everyone journey is unique to them when it comes to startups as no size fits all in the industry.
Sometimes you may have a solid plan, but along the way, you may start doing work and trying things you never imagined you’ll do. This leads us to an important realization; we have no control over some external circumstances. When you’re starting up or sometimes towards the middle of your journey, you may influence some outside factors. However, this is seen as you having control over your attitude and efforts.
Further, from this stage, it takes experience, time and ability to think outside the box to navigate your business. It takes honest, truthful feedbacks from people who genuinely care about your business to keep you on the track to success. It also takes your ability to react appropriately to these feedbacks to achieve your goal.
Besides all these, there are vital questions successful entrepreneurs should ask themselves before embarking on a venture. They just don’t jump into business without answering these questions which determine how successful your business will be. These self-evaluating questions are not aimed at driving them crazy but at helping them evaluate their goals and their business feasibility.
Here are some questions every entrepreneur and business person should answer before starting a venture.
What will make me most happy?
This is a crucial question because for you to “really” succeed, you need to be happy with what you’re doing. In this case, you need to understand what makes your competitors happy or unhappy, what they experienced on their journey and how they feel about it. Can their unfortunate experiences make you unhappy? Can you cope with their experiences and remain happy? Will what makes you happy remain constant through your journey?
Ask yourselves as many questions as possible as to define your path and how you can navigate the challenges on it.
What Skills do I have and how do they position me to excel in the venture?
There has been a lot of talks recently about skills, especially soft skills, being the hinge to the success of most ventures. An excellent understanding of the skills you have and the skills you’re most drawn to will help you know your readiness for business. Some examples of these skills include writing, marketing, communication, and so many other soft skills. Pat yourself on the back for the skills you have and make plans to acquire the ones you don’t have yet. Doing this early in your career or venture will help you get on the right track to launching your dream venture.
Can this sustain me in the future?
Just like everyone else, you want to start a business. Maybe because you want to earn extra income, you want to join the trend, you’re afraid of being idle and so many other reasons why people start a business. Whatever your goal is; can the passion remain for a long time? Can it sustain you in the future? Is your idea to start a business or daydream or a deep passionate desire?
Please don’t start with “there’s a market for this?” or “I’ve seen other people succeed at this?” What happens when the market vanishes or maybe you don’t succeed. Can this passion for starting your business sustain you in that future? Don’t get it wrong; these are great observations. It shows you have a good eye for the market. However, your business should be born from a dream that’s truly deep, powerful and has a meaning in your life. With a passion like this, you can sustain your business in the future. It’ll keep you going when you’re down and dejected and help you stay focused when you’re afraid of failure.
Can I branch out from this direction?
In business, it’s not usually how you start, but how you learn along the way and how you adapt to changing times. On the long run, will your venture allow you to branch out to other businesses? Planning for both the short term and long term will help you have a strong hold on your journey and guide yourself through to the end.
Conclusively, take your time, reflect on these questions, evaluate yourself and the market and find out if you should embark on the startup you have in mind. If you can satisfactorily answer these questions, you’re one step already at having a successful venture.