Nowadays, many people determined to start a business. However, putting a business into operation is not an easy task. Many new startups quickly get into crisis because of the massive workload as well as the unstable working environment.
Before starting the challenge, the business owner needs to answer some questions to himself or herself to know whether they are ready for the possible events.
- Can you work independently?
Do you need continuous guidance and motivation from others? What would your job look like if no one followed and managed your work?
Many people think that having the right to decide everything yourself could make your job a lot easier, but that is not always true. It can be difficult when you start with no specific instructions on what to do. A successful entrepreneur must have these traits: independence, resourcefulness and self-awareness.
- Are you a product researcher or entrepreneur?
Many successful businesses are begun from great ideas. However, just raising a great idea can not guarantee a successful business. There are many cases where the founder only focuses on products, prototypes, patents … but ignores other aspects of developing a business. Having a perfect product does not mean that customers will immediately rush to your business.
As a matter of fact, if you find yourself more like an inventor than an entrepreneur, this does not stop you from starting a business. However, you should look for more partners who are proficient in business skills and are interested in your ideas to reach further.
- Are business ideas worthwhile to consumers?
Perhaps you have heard the saying, “Do what you want and the success will chase you,” but in reality, things are not exactly the same. Passion is the key to success, but to build a profitable business, you need to provide the certain value that customers are looking for.
Consumers will not care whether you are pursuing your dream or not, they only pay for products and services that meet their needs and desires. If you operate in areas where your customers are not interested, your business will fail.
- What is your business different?
Does your idea resemble other businesses that are operating or offering unique products or services? What is the size of the market you are targeting? These are important questions that you need to think about, but the key to success is not always to find an empty, non-competitive market (which is almost impossible). Instead, everything depends on how you define your company and its position on the market.
In the short run, you do not necessarily have to come up with a new idea but a basic look at where the industry is headed and identify potential areas. List the best ways to meet that need. You do not need to go on a new path but you must give your customers good reasons to choose your products or services.
- Are you willing to do many things at once?
As an office worker, there are always people for you to call to repair a broken printer or to answer the phone while you are busy. However, this does not exist if you open your own business.
Self-employment often involves a lot of work, and sometimes you have to do everything by yourself. You have to play all the roles like a technician and then do salesman and business owners …at the same time. Before you start your own business, make sure you are ready to do many things yourself including the most tedious one.
- Do you have a financial foundation to get started?
The income of small businesses, including startups, is unstable. When you introduce a new product, the profits may not come immediately.
It is important to make sure that both you and your business are safe. In many cases, the best time to prepare for your own business is when you still own another job.