The first step in starting a business is having a honest conversation with yourself .Though there are many things we may have to address while starting a business,i have narrowed them down to 3 important questions to ask yourself.
1.Why do you want to start the business in the first place?
It is important to figure out what is the real motivation behind deciding to become an entrepreneur.Mind that you will be leaving the comfort of working in a company with benefits.Once you become a business owner you will be having very little social life- atleast initially- and you are responsible for your operation 24/7.
Starting a business for the wrong reason such as you are fed up of your hard handed boss will have serious consequences.
Having a meaningful vision will help you stay on course during volatile times.
2.Do you have what it takes to be an entrepreneur?
As an entrepreneur you will have to play various roles in your company at different times( atleast initially),such as
even chef and the list is endless….
you also need to have learning agility ( Able to learn quickly and adapt in an ever changing environment) that includes;
Finding solution quickly
Prompt decision making
being analytical and rational as well
And finally do you have relevent experience in the business field you have choosen to pursue. You also need to have nerves of steel to hold on and change tactics quickly during tough times such as the pandemic at present.
3.How is your business different from the existing competition?
It is very important because starting a business that is almost same as the existing one may not grab customer’s attention.You need to apply atleast few unique elements into your way of serving customers.
Another factor is deciding the customer base you want to cater to.Doing market resarch will give you the idea about what customers are served at the moment and where they are expecting improvements.
When somebody asks you how is your business different from the existing ones ,you should be able to explain it in short and clear terms.
An aspiring entrepreneur you need to take a diary or a note book and write down the answers for these 3 vital questions honestly without bias in order to move on to next phase.It is best to keep that diary with you to understand why you entered the business and what was your mindset at the time of begining a new journey.
Please do let me know of your thoughts about improving the discussion and any subjects you all may want me to write about.
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Until next time……