Questions to Ask Before Starting a Business

With today’s television filled with entrepreneurial type shows such as The Shark Tank, The Benefactor, The Job and even The Profit, individuals assume its quite easy to leave a regular paycheck behind, and begin working for oneself by building a start-up. And while for some, those few individuals who posses the creativity, the drive, often the connections, and of course business acumen, this is a golden road to career and personal success, others need to ask themselves quite a few questions before starting a business.

Do you know yourself? What is your real passion? Why am I starting a business? Unless you know the answer to those first fewquestions, all else won’t matter. Maybe you are an inventor rather than an entrepreneur? Having an amazing idea is crucial and remarkable, but developing that idea into a successful company, is a completely different ballpark. If your idea of a company is solely the project development side, then that makes you the inventor. As such, make sure to staff accordingly, with individuals that know how to develop the actual business. The company itself is not just the product, but has many important departments that may seem foreign to you. Finance, accounting, government regulation (if needed), human resources, technology and payroll are just a few that turn your idea into a business.

Knowing your strengths and weaknesses and how you will be able to tackle difficult situations is certainly some important factors, but when you are heading up your own company, are you willing to sacrifice your personal time? Entrepreneurs often work much more than the typical forty-hour workweek, you can certainly forget about nine-to-five when working for yourself. Saying no to family functions, to dinner with friends, even vacations, are some sacrifices entrepreneurs are willing to give up at the start of their venture. Entrepreneurs eat and sleep their ideas until it becomes a successful reality.

How do you handle setbacks, disappointments and failures? Let’s be realistic, chances are things will go wrong, mistakes will be made, but how you respond to such things determine your future success and endeavors. As the face of your company, any negative reaction you have towards to a bad situation will resonate with your team and staff. Preparing your self, being authentic and genuine, will make you great and effective leader. Having open communication with your team will allow you to move forward and continue your growth.

Remember that every entrepreneur and every business, new or old, needs continuous improvements and growth. Understanding yourself will help set your company and your drive on the right path.

Starting your own Business?  See our Business Planning Courses to start your off right!!

Sources: