Everyone these days is starting or is planning to start their own business. It may seem easy; coming up with an idea and having enough money to just start you off. However, before you even take the plunge, you must be able to answer these questions in order to see if your business idea is really a viable business.
- What problem does my business solve?
A business has to be a solution for some problem for it to be successful. If you cannot find an answer for this question, then it is high time you went back to the drawing board.
- How much money and time do I want to put in the business?
The best approach to start a business is to start small and having specific limits. It is best to start a simple test business that will give you experience and get you to know the challenges of starting a business.
- Do I need a full time business?
For those of us who have full time jobs with fringe benefits and advancement potential, it is important for you to weigh the amount of risks and rewards involved in starting a business. If you are close to retirement or if you feel that your business will be more rewarding than a corporate job, and then go for it.
- What is you “special sauce’’ factor?
According to Shark Tank’s Mark Cuban, your special sauce is that thing that makes your company product or service stands out from others. If you got none, you will have a hard time making people buy or use your products because it will just be the same as the rest.
- What are my strengths? What can I do better than the rest?
This question is tied to the previous question about your special suave. Recognizing your strengths gives you the unique factor.
These are just some of the few questions you should consider before starting a business. If you can honestly answer them, they will help you evaluate your readiness to start a business.
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