It is true that many companies step into a domain without all the right reasons and equipments to succeed. I believe everyone has an innovative idea but here’s a catch: to actually decide whether that idea has legs and could be a viable business.
Even though entrepreneurship is in vogue, not everyone is ready to start a business. You do not only have to be prepared financially and emotionally for your start-up, but also have to be committed and dedicated for it needs until it matures. These questions help you approach your mind and decide whether you are ready to pull the trigger for entrepreneurship!
1) Is it a good idea?
It’s always good to start with an obvious question. You should always keep asking yourself about the competency of the idea. Just because your mom or dad likes it doesn’t mean it is great. Initially you can help yourself answer these questions.
- Is there a need? How significant is the need?
- How much competition currently exists in this space?
- How large is your potential customer base?
- Do you have a unique ability to provide this product/service?
- Do you have experience/passion in this area?
- Are there trends in the marketplace/industry that might make my produce/service more or less attractive going forward?
2) How Well Can You Execute the Concept?
Are you good in execution? It’s always great to have a business idea but without execution you will be nowhere. Your idea about setting up a whole new dynamic learning platform online might be a viable business but how well do you execute it? How to get your tech team ready and competent enough? How well does it work?How do you market and deliver the product? How easily is it applied? All these questions are critical issues to consider while executing a business idea.
3) Am I Resilient?
Working seven days a week, losing touch with friends, abandoning old hobbies and interests and not making time for loved ones can quickly lead to burnout in the midst of starting up— and ultimately to business failure. However,Experts have found that the ability to overcome failure is a key indicator of whether a small business owner will be successful. If you are resilient enough to cope up with all the difficulties and problems that come across your way then you can truly be successful with your business.
4) Is Your Business Model Profitable?
Well obviously you are going to carry out your business for making profits. First of all, you should see whether your plan has a fixed profit. It’s difficult to survive in the market without managing your profits. For that, you have to evaluate your business plan in a proper structure.
These questions aren’t a substitute for developing a successful business but rather the basics principles that you should consider before taking up entrepreneurship. Take some time to mull over these questions, do some soul-searching, and then if you think you have what it takes, go for it.
– Vatsal Doshi
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