19th Ave New York, NY 95822, USA
Being one’s own boss can be exhilarating and rewarding but it isn’t for everyone. Before starting a business, make sure you figure out the answer to each question so that you understand your personal goals but also your business goals. The more you understand the leap you are about to make into starting a business the better chances it will be a successful one. But before you set out on your entrepreneurial journey, you must ask yourself these 20 questions:
·         Why do I want to start a business?
·         What problem do I look to solve/what niches have not been served/what gaps exist in the market?
·         What is the target market for my business?
·         What funds are needed to start my company? How to get those funds?
·         Do I have the personal and financial support of friends and family?
·         Is the business idea scalable? If not, how do I make it scalable?
·         Who are the competitors/who else is already doing what I want to do?
·         What makes my product or solution special or different from the competition?
·         How will I test and validate the product idea?
·         Am I ready to give the required time, resources and capital to succeed? What sacrifices and risks am I ready to take for the business?
·         Do I have the necessary skills and abilities to start and manage the day-to-day operations of a company?
·         What are the short and long-term goals, personally and financially, for both myself and my business? Can I see myself doing this 5 or 10 years down the line?
·         Do I have sufficient knowledge and understanding of the industry I am looking to enter? How can my past experience and education help me?
·         Do I need a co-founder(s) for the business? If yes, what complementary skills would the co-founder(s) need to have for the smooth and successful functioning of the business?
·         What organization structure would I need for my company in the short term and long term?
·         How many employees will I need?
·         How is the legal structure to be set up for my company?
·         What kind of taxes would I have to pay for the business? What other expenses, including insurance, do I need to take into account?
·         Am I ready to relentlessly meet and network with lots of people for investments, promotions, advertisements etc.?
·         How will I exit my business few years down the line if I want to and how will the responsibilities be transferred in such a case?

Leave a comment