When you are doing this, remember that if you fail to ask the correct questions, you won’t receive the correct answers. Only after a proper diagnosis will you be able to get the right treatment.
1. Do I meet a need, or am I inventing a need?
This is a crucial issue to ask yourself. It is only a matter of time before there is an exchange of value. Henry Afekuana. No one would go to the market to make money and not receive something in return. If you’re not in business to get the value you are expecting, you should think about “What is it that I am bringing to the table for exchange”?
2. Who will require my products or services? When, where, and what is the reason?
Services and products aren’t intended to be consumed by you. Before you go on the market, you must know the people who need your products or services and where they are needed, the times that consumers typically require these products or services and how they would like your products or services to get to them, and then the reason why they require your products or services.
3. Who’s done what I’m about to do?
Most of the time, companies that are in operation today are fashioned out of an in-place concept. Before you embark on that fantastic business idea, or not, take a look at the people who have been in this type of business prior to you. Learn about their successes and their most memorable failure stories. Although experience is an excellent teacher, the experiences of others are the most secure teacher.
4. What is my motivation/reason behind beginning this business?
What are the reasons you’re entering the business? Are you looking to become your own boss or follow your passion? A lot of business owners enter the market for different reasons. If you are aware of your motivation, the faster you’ll know when you should brake or press the pedal.
5. Do I have the time and commitment to invest the time required in order to ensure that my business succeeds?
Each business has its own set of resources in relation to the time needed. Before you put on that business of being an entrepreneur, you should know how long you’ll need to be present in order in order to run your business. Certain businesses require you to contact each client on a one-to-one basis, while others operate in a non-active way.
6. Do I meet a need, or am I just updating the statistics of entrepreneurs?
The question might sound humorous. However, in the event that you don’t respond, you could end up contributing to the number of businesses around the world and doing nothing to your account at the bank or to GDP (Gross Domestic Product). Are you addressing a need? Do you have a market for your service or product already? Do existing products or services offer the same benefits as what I plan to provide?
7. Do you think there is a market for this particular product or service?
Finally, you must consider asking yourself this question honestly. It is not a good idea to invest so many dollars on a product or service that is only used by a few or no consumers. What number of people will need your products or services that you’re offering to the market? Which kind of customers? What is their income? Which area is their residence? Do they have a need for them, or is it a desire?
These and other questions entrepreneurs must ask themselves prior to putting on that Hat.