Every aspiring entrepreneur thinks that, having a sound business idea is enough for starting any business and building up to the large base.But, in reality with good business idea,strong planning,financial resources,manpower and sufficient confidence and courage to face challenges also required.Because of technological advancements around the world, everyone becoming attracted to the business world and they are trying to change the world with their unique products and services.But, according to the survey’s conducted by various organizations it’s clear that the ratio of success of start up’s is very low.For overcoming this,as a smart business entrepreneur everyone need to ask themselves certain questions before setting up any business.
Here are the list of questions every aspiring entrepreneur need to ask themselves before starting their business;
1.Why am i starting a business?
This is the first question you must ask and answer yourself that, what is the main purpose behind your idea of starting a business and how it’s going to affect you in your personal as well as professional world.Here you can find out your long term goals and vision for the future.Make sure that the answer should be in the manner,it’s going to help this world for the better tomorrow.
2.What is the core product or service and it’s demand?
Choosing best product or service is always challenging for every startup entrepreneur.Be careful here, because it’s going to the core of your long term business and it’s success.It may be good if you have any idea of special product or services that you are truly passionate about to produce to the end users.After choosing product,you need to find it’s demand and techniques for extra satisfaction of your customers.
3.Who are my ideal customers?
Without customers no business can survive.So, before hurrying up about producing products or services,you need to find who are your product’s ideal customers and what are their needs.Use various online platforms for reaching customers and knowing their expectations.Best way to attracting the customers is providing their needed products with maximum quality at reasonably good price.Here don’t dare to try a mistake of losing your customers by decreasing quality,always maintain consistence in producing and maintain quality all the time.
4.Who are my team members and their competency?
If you want to make your startup as a successful business, you need to have a group of competent members with different skill set. Everyone thinks they can build their team after startup, but this is not perfect and time consuming. So,as a good entrepreneurs ask yourself before that who are your team members and how capable or supportive they are towards you and your business.
5.Do i have sufficient financial resources?
You must say answer to this, because without finance things can become tough especially in startup stages.As a startup entrepreneur you must have sufficient financial resources for making progress your business.No one have everything, so plan for finding potential investors and satisfy them after regularizing your business.
6.Do i have sound planning for progress of my business?
This is the question you need to ask yourself min. Twice, because nothing can happen accordingly without proper planning.Every aspiring entrepreneur need to plan their business from a to z,if they want to exist in the business world for long time.After starting your business like everyone you also face uncertainties,for being strong at these situations your pre-planning should help you.
7.Who are my competitors?
For everything in the world there is competition and there are competitors, so for your business also.Find your competitors before and plan in such a way that you can take lead over them with quality products and maximum customer satisfaction.
8.How will i promote my product or service?
After choosing your product,building your team,arranging finance,finding competitors, you need to ask yourself how will you going to promote your products and how will you reach your ideal customers.In the modern business world,marketing has the major role in every business success.And with rapid advanced technologies, entrepreneurs using various ways for letting their customers about their products for attracting them.
9.What are the legal documents i need to take for my business?
For setting up of any business, there is a compulsory pattern of taking legal documents from various govt or non-govt authorities and sufficient permissions or certificates for producing and selling products.So,as a responsible entrepreneur you need to follow every step for the legal existence of your startup business.