Want to start your own Business? Before you start, consider these tuff Questions to see if you’re cut out to be an Entrepreneur
Topics: A. Personality: Strengths & Weaknesses, Talents, Challenges, Problem-Solver, Self Starter, B. Biz Questions: make $?$, Unique, Target market, Competition, Goals & Plan’g, $$$ needed?
These days, it seems as though everyone wants to start their own business. Seems easy enough doesn’t it? Come up with a good idea, and the dollars roll right in – LoL. Most people understand that running a business requires Business Know-how, but most successful business owners also possess some additional personal skills & qualities that help make starting a business & running a business easier.
Due. An Evaluation !!! Before starting a business, you might want to think about the qualities you possess, what makes you excited and how that might help you be a more successful Founder. But before you make that big decision, ask yourself these questions:
A. Personality Questions:
A1. What are my Strengths & Weaknesses? Recognizing what you’re good at & what you’re not, will help you decide how to use your time, when to delegate, and when to call in experts or outside professionals for help when needed.
A2. What interests, talents, & skills do I have that will assist me in Starting a new business? Founders often have to wear lots of hats. Inventory the abilities you already possess, and think about all the ways you can use them to grow your business. This will help you to set priorities.
A3. What Skills do I need to learn or brush up on to run my business effectively? Identify the ones that are worth investing time into re- or learning, and which ones you might be better off finding outside sources to perform.
A4. Do I enjoy Challenges? Businesses provide constant challenges. If you enjoy a good challenge, it will energize you. If you don’t, you may end up feeling as though you’re engaged in a constant uphill battle.
A5. Am I a “creative” Problem Solver? Creative problem solving is a key skill for Founders to possess. One way to hone your creative problem solving skills is to challenge yourself to think “out of the box”. Don’t go for the obvious, think in a different direction than you’re used to. Then ask family, friends & advisors what they think.
A6. Am I a Self Starter? When you have your own business, there’s no boss or manager to tell you what to do and when to do it. To get your business off and running you’ll have to motivate yourself to get things started & completed.
A7. Will I be doing work that is “meaningful” and really interests & “excites” me? Running a business is a lot of work & effort. It’s a long-term commitment. It will be more fun & rewarding, if it turns you on. When we’re engaged in doing something fulfilling, it helps to motivate you to keep going even when things get tough. Start by getting back in touch with your values and see if there is a synergy between them and the things you’ll be doing in your business. If not, look hard at going ahead.
B. Business Questions:
B1. Do I really have a Money-making Idea? Not all great ideas make money. A good business idea addresses a problem, need or pain that a particular group of people or companies face that is significant enough to warrant spending money to solve or alleviate. Large companies spend a lot of time & money evaluating ideas, profit margins, competition, etc, before bringing a new product or service to market. So test market your ideas and make sure they’re profitable, before you go all in.
B2. What makes my Product / Services unique? What do I offer that the competition doesn’t? This is the basic premise of any USP (Unique Selling Proposition) and the case you’ll make to your prospective customers, to buy your product or service. It’s essential to a compelling Marketing Plan.
B3. Who are my ideal Target customers? The most successful businesses know exactly how to describe who their best customers are, what “pain” they’re feeling (what they need & desire).
B4. Who is my Competition? Learn everything you can about the others in your field who provide similar products or services to the same ideal customer. This information will be invaluable in learning how to “position” your own business.
B5. Do I written a Business Plan? If I need to raise startup capital, is my plan strong enough to attract investors? Make sure you include all of the sections that investors will look for. Also, make sure that the type of plan you’ve written (comprehensive enough), is appropriate for the amount of money you’re looking for.
B6.What do I need to Out-Source? Will I have funds to pay for them? Can I use equity? Don’t forget to add these important line items to your Start-up Costs spread sheet.
B7. Do I have a Marketing Plan? No business can survive without a constant supply of new customers. Develop a compelling USP, values proposition, sound-bite and marketing message. Set-up a marketing schedule to get your message out there consistently; and learn how to close deals without using pressure – to ensure you’ll have all the customers you can handle.
B8. Have I established Business Goals? Setting goals is an important part of any Business Plan. But setting a goal is only part of the picture. Achieving them is even more important. Learn how to identify which goals are important enough to commit to (priority), and systematically work towards them – by breaking them down into steps, establishing timelines, identifying resources needed, & milestones for success.
B9. What type of Managerial & Leadership skills do I possess? Successful business owners have a knack for managing staff and consultants. They possess a Vision for their company’s future. They inspire their employees rather than intimidate them. What’s your management style? How will it help (or hinder) your ability to lead your business to success?
B10. Will I need Capital to “startup”? If so, how much? Not all businesses require a lot of start-up money. Can you BootStrap? Don’t fool yourself into thinking that you don’t need any. Be realistic about how much money you’ll need, and how much time it will take until you can draw a salary; so that you give your business idea enough time to have enough Cash Flow to support you.
B11. What Financial Risks are involved? Whether you’re raising capital or running a bare-bones operation from home, there are always financial risks involved in a business. Make sure you analyze the risks you face before jumping in. Take a long hard look at these questions and the answers you give to them. Then ask yourself.
Comments: Do you know any other tuff Questions to ask yourself before starting a Business?
from Business Know-How 1/17 enhanced by Peter/CXO Wiz4biz