Do you have a business mindset? Do you plan on starting a business? In this day and age, where almost every other person is starting their ventures, do you feel that can do the same? In that case, ask yourself these four questions. It will help you structure your thoughts and pave your way.
1. Why This Business?
Starting a business requires passion. It has to be something you love because only then will you put in the required effort. If you start a company just because you do not want to study anymore or are tired of your job, the business won’t last. So while this may question may seem very small, not getting a proper answer here tells you if you should continue with the business idea at the very first step.
2. What problem does the business solve?
A business with its product or service solves a problem. You have to ask yourself what problem is your business solving. If your product is not solving a problem, your business idea might be, sorry to say, worthless.
Moreover, answering this question will also help you figure out if other businesses are solving similar problems. Upon knowing those businesses, you will be able to give a unique touch to your problem-solving method. This way, your business will have your unique selling point and make it stand out from your competitors who have a head start against you.
Additionally, the answer to this question will also help identify the niche in the market. Instead of addressing the problem that numerous other businesses are already solving, you would be able to find a question that is not being addressed yet.
3. Funds: how much and where to get them?
Sometimes people say funds are not that important as long as you know what you are doing. This is true. But it is misinterpreted most of the time. See, you need to know your product and the problem it solves, yes, but the funds are equally important. Without funds, you cannot start any business. Then why, you may ask, would one say ‘funds are not that important as long as you know what you are doing.’
The answer lies in the second part of the statement; ‘As long as you know what you are doing.’ This outlines that you know the amount you require to start the business. This will tell you if it is something you can afford for yourself or that you will need an investor. Furthermore, it will also tell you which type of investor to go to; is it a friend or a family, or is it a corporate investor you need to approach.
4. Who is your target audience?
Your business needs a target market, a group of people that will buy your product. Therefore, you need to ask yourself who is your target audience. Answering this question will allow you to identify a group of people you want to target roughly. Then you can experiment with that group to validate your product. Nor would you just be endorsing your product but also the target audience. The experimentation will help you narrow the target audience.
Ask yourself these questions before considering starting a business and answer them as honestly as you can. But remember the passion for the company you are considering is the MOST important. Because if you have the love, you will put in the effort to answer all these questions, and if an answer is not going in your favor, you will figure out the path to achieve the right answer.
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