Having your own business can be completely fulfilling, but extremely hard to pull off successfully. Have you ever thought of starting your own business? You have great ideas and passion, but have a few questions about whether or not it is for you. We have 6 questions you should ask yourself before starting a business:
1. Why do I want to start this business?
This is most important question you will ask yourself. Why do you want to start a business and what type of business will you be starting? Is it because you are tired of working for other people? Do you feel that there is a viable opportunity for you to start a business? What exactly are your motives to leave your corporate job and start from scratch? Being an entrepreneur is hard, so you should be sure of your reasons and motivations to be your own boss and move forward with your small business.
2. Is now the right time to do this?
Now that you have identified why you want to start your own business, you should take some time and think about whether or not this enthusiastic drive to be a businesswoman is the right thing to start at this very moment in your life. There is nothing more frustrating for an entrepreneur than having all your energies turned into nothing because you are constantly fighting against external influences that are working against you.
If you need to wait before starting your business, or because you need extra funds or equipment and personnel, you should. You also need to look at how starting your business could affect your personal life and make decisions based on whether or not the sacrifices will be worth it.
3. Do I have enough funds/ do I need more money?
Budget, plan, and take action! These are the most important things you need to do before starting a business and continue to do once you have your business up and running. A good business plan will dictate how much money you will need, depending on the type of business you will be running.
4. What help do I need from people?
For any business, having people work together makes things easier. No person can do a large amount of work on his or her own, so if you require help, go out and get it. You can outsource work or have staff on your team and always remember to treat them well.
5. How will I handle setbacks and naysayers?
Things will get though when you start your business. You might encounter rejection from banks, negative reviews from critics and negative remarks from dissatisfied customers. All these things might affect your confidence, but you need to make sure that you learn from these experiences and rectify mistakes you have made.
6. Do you have a good business mind?
While you might be a brilliant mind at creating things, the real question you need to ask is are you good at being a businessperson? Being a great developer or creative mind does not make you a good entrepreneur. You need to be business savvy and know how to network and market yourself and your product to get people to want to buy or get service from you. If you are amazingly creative and want to start a business, partner with someone who has good business sense and build your company together.
Starting a business is daunting. Failure is always a possibility, but that should never deter you from pursuing your entrepreneurial dreams. The only way to know if your business will be a success is to take the necessary steps to get it operational. By asking yourself these six questions, you can at least have an understanding about the basic requirements an entrepreneur will need to make your business venture a success.
Written by Busi Nhlapo