If you planning to go into personal business as an entrepreneur, there are certain questions that must be answered accurately to guarantee your success.
Your ability to answer these questions with about 90% honesty and precision will go a long way to getting your bases covered as you venture into business as an entrepreneur. Some of these are listed below for you to examine to determine your readiness for launching out into the deep world of entrepreneurs:
- Do I possess the personality, temperament, and mindset for starting this business on my own terms?
- Do I have the personal resources and environment to devote all my life to this business?
- Do I have an exit plan in place in case my business does not work within a given timeline?
- Do I have a mitigation plan for family, financial and other challenges I will face midway into my business?
- Do I have the social and economic network required for help and advice when I need them?
- Do I have experienced mentors I can run to in case I experience unforeseen problems?
- Will it be necessary to get a patent for my brand, and will I be able to wait for it to be granted?
- Have I identified the target customers for the takeoff phase of my business, and do I have the scalability for larger markets?
- If my product will be replacing an existing product in the market, how will my competitors react?
- What sales and distribution channels have I identified for my business to reach the target customers?
- Does my business or products comply with local regulations and laws, or do I have to relocate to another region?
- What resources do I have to obtain resources and hire skilled staff?
- What funding sources can I use to raise more money, and is my business good enough to attract stakeholders?
- Can I take over the target market on my own, and can bigger firms copy my model and kill my business operations?
- What are the timelines for introducing my products to the market or for my services to be fully operational?
If you are able to answer these questions correctly and in all preparedness, then it indicates your potential business is ready to take on the world. For best results and certainty, you may have to recruit friends and professional colleagues to review the above questions with you for maximum results.
If a combined review from friends and colleagues is able to produce a 90% positive answer, then it means your business can fly with minimum risks of failure. Write out the above questions and review them every day to keep you in line as you proceed in your line of business.
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