5 Questions you should answer before you start a new business | Entrepreneurship

Starting your own business is not an easy thing. We all have ideas, dreams and some sort of vision, but taking those to the next level and making something out of them is a completely different ball game.

I am an entrepreneur at heart. I worked for a major corporation and learned all the ins and outs of what it takes to be a “good corporate employee”. Fortunately for me, my own values and aspirations were not aligned with what was expected of me. I decided to leave my job to pursue my own passions.

5 QUESTIONS YOU NEED TO ANSWER
BEFORE YOU START YOUR OWN BUSINESS
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And that’s where the hard work began. I knew what I wanted to do, but getting there was a road of lots of trials and tribulations. If you are reading this article you may be at a cross road seeking some help. Answers to the following 5 questions should help you clarify your path and lay down foundation of your new business. 

Question One – Can I do this?

Know what your dream job is. Understand your own strengths, weaknesses and most importantly limitations. Take all that under consideration and ask yourself a few simple questions. If the answers are a "yes", then you are good to move on. If you hesitate and not sure, then think long and hard if the time is right for you. 

• Can I do this?
• Do I have the will power and determination?
• Do I have the resources?
• Am I truly ready to start this journey?

Question Two – What can I offer that others have not?

Understanding what you bring to the table, your subject matter expertise, will help you realize the exact focus of your business. Answer the questions below to gain more clarity. 

• What do I want to offer that others have not? 
• What am I really good at?
• What will set me apart from my competition?
• How will I share the “what am I really good at” with others?
• Am I passionate about it?

Question Three – Do you have a clear vision?

Now that you are a 100% sure that you have the right skill, knowledge or a product you can begin working on your vision - the path to success. Take a pen and paper (or your laptop) and start outlining the path. Remember, baby steps! Don't set yourself up by setting unrealistic goals that you won't be able to achieve. 

• What do I want to accomplish in year one, year two and maybe year three? I don't suggest you go too far.  Keep your vision “live” and “fluid”. Things change too much, too quickly and you don’t want to find yourself boxed in.
• How will I get there?
• What tools and resources do I need to meet my goals?
• Are you goals S.M.A.R.T? (SPECIFIC, MEASURABLE, ACHIEVABLE, RELEVANT, TIMELY)

SET SPECIFIC, MEASURABLE, ACHIEVABLE, RELEVANT, TIMELY GOALS
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Question Four – What networking groups should I join? 

It is really important to collaborate with other professionals in your field and area. Even though you have a niche idea, you may not be as savvy when it comes to implementing it in the business world. You are a beginner entrepreneur after all. Do you research. Find the right groups, join them and start meeting with them. Don’t be afraid to put yourself out there and ask for help. Ask questions even if you think they may be the dumbest ones. Surround yourself by successful, smart business owners and learn from them.

Question Five – Do you have a support system? 

You need your support system throughout the entire process. The ups are great! When things work out, you’ll feel like a million bucks. On the other hand, the downs will hit your hard and you'll need to have an escape plan in place for when they come. Get your family and friends on board with your plan. Be transparent and explain your vision to them. The more they understand what you are doing, the easier it will be for them to offer a shoulder when you need it.

My last advice is to always BELIEVE in yourself! Don’t let anyone take the wind from beneath your wings. Pay attention to those who offer encouragement, positive reinforcement and words of wisdom. Look away from the pessimists who want to crush your dream and who put you down. Remember, anything is possible. Work hard and your success will come.