When you start a business, you should ask yourself some questions to know if you are doing the right thing. correct Entrepreneurship, if you have possibilities to grow and be successful in the future. Before starting a business, it is essential to ask a series of critical questions to assess the feasibility of your idea and to prepare yourself properly.
The Master in Science and Technology Management, Eduardo Kastika, formulated the 10 questions that every entrepreneur must ask about their business. Have you considered them?
10 questions before starting a business
Answering these questions will help you have a clearer understanding of what is involved in starting a business and better prepare you for the challenges you may face. It’s also important to do your research, seek advice and mentoring, and come up with a solid business plan before you jump into business.
1. Is it simple?
Your business must be tremendously simple for you, that is, have few elements and certain rules, without eternal manuals that complicate you. The idea is that you understand it from the beginning and not get confused by yourself.
2. Do you delve into an experience that the customer already knows?
Some innovations meet clear needs that fix consumers’ lives in an instant. The important thing is to deepen the enjoyment of customers and always think about them before launching a product or service on the market.
3. Is there a good story behind your business?
If there is something difficult to copy, it is the story behind a business. You must create a trajectory, a different, authentic and coherent story that deserves to be known and told.
4. Is there a brand or person that supports you?
It is not only important what is new that your business proposes, but also who. It is not easy to predict if your new business will be successful if you do not know who is going to launch it. You must know how to create a good reputation in the media and develop solid contact networks that help you overcome obstacles.
5. Does your business convey a clear commitment to certain values?
In this sense, the story, the brand and the people behind your business are fundamental, because they represent the values that it prioritizes. When it is clear what values you are committing to, the bond with customers becomes much stronger and more sustainable.
6. Is there something similar in another category?
For this, it reinforces the possibilities that its innovation is attractive, since it is not enough that the logic of your business has worked in other areas or categories. Always try to develop a good competitive advantage; For this, it is necessary that you know your competition well and that you identify what they are doing wrong and what you can offer differently from them.
7. Is your business complete or was it completed by something that already exists?
In other words, are you part of a system where there are other entrepreneurs or participants who make a profit? Thinking about the “completers” is as important or more important than defending against your competitors.
8. Are there potential fans?
If your business has a group of customers who could become fans who value, recognize, and publicize your business, it means that your innovation or launch has an emotional impact for someone. Investigate how many they are, where they are and design the necessary strategies to reach them.
9. Is it a good platform for experimentation?
For example, many innovations are born from the need that customers have. Also, there are others that mark new businesses where it has not been ventured. You must be aware that you must constantly innovate and reinvent yourself; Assess whether your business offers the possibilities to achieve this.
10. Do you have prospects of leading in your field?
You can try to think about whether your company is specific enough to create, in the future, a new category in which you are a leader or that your innovation is good enough to lead the market in which you will venture.