Questions you should ask yourself before starting a business

If you are among the people who at this very moment are thinking about taking the step of creating your own business, it is important that you carry out some reflections before taking the step and putting your idea, self-esteem and money at risk. Read carefully the next 10 questions and we promise you that at the end of the post you will be much more prepared to take that huge step!

• Can everyone be an entrepreneur?
• Am I ready to be my own boss?
• Is my entrepreneurial idea viable?
• Do I have the necessary experience?
• Am I meeting needs or creating them?
• Which target customer do I want to address?
• Is it the best time to launch my idea?
• Who are my competitors?
• Where do I start?
• What alternatives do I have if the business fails?

Can everyone be an entrepreneur?

Unfortunately, not everyone has the necessary skills and abilities to be an entrepreneur. Being organized, having clear goals and ideas, having plenty of desire and not giving in to adversity are some of the skills that every entrepreneur must master in order to be successful.

Surely you have heard that entrepreneurship is not all fun and games, but rather constant obstacles, and that for every long term objective you will most likely have to make several mistakes. That is why it is essential not to give up at every adversity.

If you get frustrated easily, you will most likely soon get tired of trying and this path is not for you. But if, on the other hand, you are a dedicated person, with clear ideas and great willpower, you are definitely on the right track.

Am I ready to be my own boss?

Maybe we all believe that the best thing that could happen to us is to be our own boss so that we don't have to answer to anyone. However, people who understand how every decision has a consequence and impacts their own life would surely tell you that it's not all as pretty as it seems.

Being your own boss when trying to start a business means navigating rough waters in complete solitude, unless you have a close partner to share the whole process with. However, since you are the founder of the company yourself, you will always have the last word, and your opinion will count the most. Therefore, even if we can offer some advice, the successes and failures will always be up to you.

Are you ready to take on everything that happens within your company and to make decisions that may be detrimental to others? Do you think you have the necessary skills to manage and lead a team? These are just some of the questions you should ask yourself to find out if you are really ready to run your own business.

Is my entrepreneurial idea viable?

Sometimes, the difficult task is not to have a business idea, but that this same idea is viable. It won't do you any good to have a revolutionary idea if you don't have the necessary tools and resources to make it happen. It is very easy to dream thanks to our imagination, but it is much more complex to turn it into something viable.

You must think about what tools, techniques and technologies you need in order to carry out your idea or project. How many people do you need, how much money should you invest or what needs would it cover.

Do I have the necessary experience?

It is advisable to create a business in a sector that we dominate. This way, we will know what we can contribute  compared to other companies. The business world is full of sharks. Either you know how to move, which doors to knock on and who to rub elbows with, or your project will surely die before it reaches its first year of life.

If we try to enter a sector in which we already have experience, either because we have worked on it or because we have previous knowledge that we have acquired on our own, it will be much easier to get ahead.

Am I meeting needs or creating them?

When launching a product or service, we must be clear about the purpose for which it has been created. In other words, we need to know whether the product has been created to meet specific needs or whether we are trying to awaken a need that even the users themselves did not know they had.

It is important that before betting on an idea or project we are clear about whether there is a real interest in what we want to offer. If our product or service brings neither novelty, nor interest, nor originality, surely it is not the ideal product to launch to the market.

Which target customer do I want to address?

This question is closely related to the previous one, since once we know what kind of needs our product or service is intended to cover, we must think about what kind of target it will be aimed at.

Knowing the age, geographic location, interests and consumption habits of consumers who have companies in the same sector as us can help us to build our own buyer persona, with which to know how to focus our marketing strategies and campaigns.

Segmentation is undoubtedly very important, becoming a precise compass with which to impact consumers who are really interested in our products and services and, thus, achieve sales.

Is it the best time to launch my idea?

Personal, economic and professional aspects come into play in this question. That's why we recommend that you stop and think about where you are right now. For example, if you are going through a difficult emotional situation, this may not be the best time to start a business, since any problems that may arise may affect you more than necessary.

In terms of professional aspects, an important factor is whether or not we already have a job. Closely linked to this point are the economic aspects. To make it clear: if we do not have a job and we have sufficient economic resources, it is probably a good time to take the plunge.

On the other hand, if we have a steady job that allows us to make ends meet and we are happy, it may not be a good idea to leave everything to start a business that will end the stability we have achieved. However, this all depends on your personal circumstances and needs.

Who are my competitors?

Another important factor to take into account is to know with whom we are competing in the market and what possibilities we have. We must know our strengths, weaknesses, opportunities and threats (performing a SWOT analysis) as a company to find out if it is a good idea to compete in a given market.

This is a good way to determine if our product or service has a place in the market, as well as if we are able to achieve it.

Where do I start?

Have you finally decided to start your business? Then it's time to get started! At this point it is advisable to make a business plan that includes an explanation of the product and service, as well as determining the initial investment. We must also describe what we need, carry out a market study, plan a launching and promotion strategy, without forgetting to define if you need a team or if you could do it all by yourself.

Talking to other entrepreneurs, relying on partners and mentors or participating in entrepreneurship contests can be very helpful.

What alternatives do I have if the business fails?

Having a series of alternative plans in case our entrepreneurial project fails is advisable. This way, in case that happens, you will have prepared possible scenarios that will prevent you from being left with nothing. So count on them!

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