Eight Questions to Answer Before Starting A Business

Inspired from Accidental Entrepreneur (2008) by Susan – Brown

1. Who am I?

Before going in any kind of business one must know fully about his/her own self and strength/ goods and bad things in personality and tactics so that when he/she comes into the business or any other place, a better understanding of one own-self is always good, especially in making decisions.

2. What Business am I in?

It is always better to define the products or services which will be focused an entrepreneur will be in the market. Also defining the kind of solutions also viable and which are not.

3. Is my Business Idea Doable?

In this step it is to get the information about the consumers and selling the product in the market. Also to analyze that what kind of potential is available for profit, plus getting the information and study of the competitors is also necessary.

4. Research on Market Niche?

It is the in-depth analysis of the business in order to find the uniqueness and exclusivity of the business. Another important factor in this step can be the price of the service or the product so that the customer can get the answer of most of his questions.

5. Marketing my Business?

To think about the marketing strategies and the type of advertisements including the medium for the advertisement like TV, newspaper etc must be analyzed before starting the business.

6. Financing the Business?

The starting, profit loss projections etc are also necessary for business startup. And for this thing the basic know how of the accounting must also be known by the entrepreneur so that he/she can have a proper check and balance on the business strategies.

7. Need of Business Plan?

Planning ahead can make the difference in the success and failure of the business and can lead to solutions of many of the problems before time.

8. Why I go into my Own Business?

Doing business is like going for a marathon, as for marathon proper preparation and exercise is required, same is for business that each and every aspect of the business and every plus and minus should be analyzed.

If a person has unyielding and importunate answers of these eight questions before he/she start a business then there is kind of no harm and it is particularly safe to start with own business idea, as these steps provide the in-depth analysis of all the important aspects of the business.