There is always an anticipation factor on what can be and what cannot when one ventures into the entrepreneurial journey. A modern-day Entrepreneur will always question his decisions to avoid unprecedented events or surprise situations.
No one likes a death march; therefore, it is always best to keep in mind things that may occur at some point to prepare for its feasible solution.
This blog covers some of the most important questions an entrepreneur should know. The answers to these will help an Entrepreneur analyze his situation that will leverage his ideas and motives towards realizing his dreams.
What is my motive to start a business
While starting a business it is important to know why one is willing to start this grueling process. Starting something small or big doesn’t matter, one needs to be able to narrow down on motives that allows them to venture into doing something great.
Starting a business idea is easy, sustaining it is difficult. It is a matter of everyday process; one needs to be able to wake up in the morning and work towards the same goal.
Therefore, it’s important to understand what triggers the drive in you. Ask yourself a question, “what am I passionate about?”
Am I solving a real-time problem
Every opportunity in the market is someone’s pain point. Someone out there is trying to solve a problem to ease people’s cumbersome and tricky processes. As an entrepreneur, it is important to understand such pain points that can be identified as opportunities.
Once this is done, it is important to outline all the processes that will help optimize a solution. Then you need to ask yourself, “Am I solving a real-time problem?” “Is this helping someone?”
Solving a real time problem therefore, will help your business idea expand ten folds!
How will I manage my finances
Capital is the most important input to keep things going. In a small-time business, although the investment is presumed to be small, ROI on it is very real as is expected.
A lot of people take an outside investment to keep things running; but they land up without paying and eventually the start-up closes down.
Some people spend their finances on a lot of unnecessary things and waste money initially when they cannot afford to do so.
What if I don’t have any investments from an investor? – In such cases, you should explore options such as taking a bank loan, crowd funding, angel investing and so on. More details on this can be found here at Seeking Capital to Grow your Business.
What are the resources available at my disposal
A lot of people tend to ignore the traditional internet search given that ‘everyone browses the internet for solutions.’ This may be true; but in reality being able to browse things on the internet is actually a skill. This is one of the assets you can use anytime anywhere.
Another asset you need to dig to get through is the ability to be able to find a team that shares your visions and goals. Many employers love to work but hardly a few align with the actual understanding of things.
Finally, networking is also an asset you need to build. A network can be a bunch of people who act as your mentors or advisors or are people you trust. They are the ones who look over things you are too busy to look at.
Who are my competitors
No one likes the idea of ‘competition’ or ‘competing.’ It gets uncomfortable sometimes due to performance expectations. But have you thought through the flip side of things? There could something you can get out of the whole competition scenario.
If you know what your competitors are doing, you will be in a better position to market your product or sell your service.
Besides, anticipating the ‘next big thing’ in the market is hard. Companies and many business owners guard this as their secret. But when you know your competitors well, you will be able to understand what could be next, allowing you to plan accordingly.
When you are not a leader in the market and are fairly new in the business scenario, this tip will help you understand the game better. Overall, the goal is to help you get better at what you do.
When will I see positive results
Jeff Bezos did not become a billionaire overnight. To reach where he is today, it took him over 25 years at the least. Similarly, however small the business maybe, eventually one will begin to start seeing results. Nothing will happen overnight though!
Patience and commitment are the two keys needed to thrive in this industry. Without them it is impossible to attend to things on a daily basis.
How to create a safety net in case my business fails
Let’s say you have had a business up and running, but it looks like it would fail eventually. In such cases it becomes important to understand lessons learnt in failure of certain things.
Analyze what went wrong and most importantly ‘the why’ it went wrong. Once these aspects are understood evaluate the choices in hand.
In such cases, you need to consider the following – Do you have someone who you think can do a better expertise than you in running the business when he/she takes over? Do you have another venture in mind that can help you seek the capital you need? Do you need a better team that will help you understand where to pivot towards, and so on.
These questions will help you deep dive into understanding the motives behind starting a business for yourself. You will also be able to understand important things that govern the business environment.
Viewham can help you get started with business ideas and other resources that would need in order to set up. Visit Viewham for hundreds of profitable business ideas online. You don’t always have to start big to grow big. You can start small and make it great too.