Dear aspiring entrepreneur, are you thinking of finally starting that business this year? Here are 7 thought-provoking questions you should ask yourself first.
It a new year and while everyone is thinking of their different resolutions, yours is starting a business.
That is an excellent resolution, and with hard work and determination, you will succeed in your chosen business venture.
Starting a business can be tough. Gathering enough information concerning your business idea is imperative for your success.
In order to make your entrepreneurial journey start off on the right foot, I have put together seven vital questions you should ask yourself first before jumping into the bandwagon of becoming an entrepreneur.
Why do I really want to start this business?
What are my real motives for starting this business?
To get rich quick? To be my own boss? To be able to wake up and go to work anytime I wish? To be able to spend more time with my family?
Whatever your reasons are, you need to ask yourself if those reasons are good enough for starting your own business.
The reasons mentioned above are not the best reasons to start a business.
What problems can my idea solve?
Every business idea should solve a problem. This framework is what a business needs to survive.
For your business to succeed, think of a need that your business can meet, or a problem it can solve.
How much do I need to start this business and how much will it generate as revenue?
The next question to contemplate is the total amount you will need to start and run the business.
How much do I need to finance this dream business?
You will also need to have an idea of the amount of revenue your business can generate, after removing the cost of running it.
New entrepreneurs make the mistake of underestimating the cost of running the business and exaggerating the profit the business will make. To avoid this, speak to someone who is already running the business you are looking to start.
Who is my target audience?
Identifying the people you will be selling to is something you need to consider. Your product cannot serve everyone’s needs.
Who are my customers?
Fathers or men in general? Mothers, pregnant women or women in general? School children? Dog owners? You need to be clear on who your products or services are catering to.
Do I have the skills needed to run the business?
You need to consider whether you have the necessary skills to start and grow your business.
What skills do I already have and what skills do I need?
You can pay some money to get trained on the skills you don’t have or you can work for some time in a similar business to the one you want to start in order to learn the ropes.
If you have the capital, you can also hire a staff who is skilled in what you want or outsource the job.
Do I have a business plan?
Yes, you do need a business plan. A business plan helps you get clarity on every aspect of your business, and the direction you want it to go.
Sure, some of your plans can change or evolve along the way but a business plan will ultimately guide you and your business.
Your idea can be the next big thing; all you have to do is to make an effort towards its success this year, and you will get there.
How we can help
Mentor Nigeria is committed to bridging the skills-gap among aspiring and young entrepreneurs by connecting them to business growth mentors, funding opportunities and skill-building programs.
Get started on these unique opportunities by registering for our business training program tagged “Opportunity Discovery Day.”