Are you an entrepreneur with the right skills? These are the 10 questions you should ask yourself.
Entrepreneur contributors do not necessarily agree with the opinions expressed.
The younger generation is increasingly seeking meaning in their work. Entrepreneurship is appealing to young talent looking for purpose and fulfillment, aside from the promise of a big exit. These young leaders are looking to be independent, but also to make a positive difference in society. It is difficult to create a business from scratch, even if they have a vision. It takes a lot preparation. Before you start your entrepreneurial journey, answer the following 10 questions:
1. Why would you like to start your own company?
Social media has made entrepreneurship a fable and misrepresented it. It is all about creating a business that solves the problem of a customer. It is not about posting beautiful pictures on social media or driving fancy cars. Real entrepreneurship is quite different from what we see on social networks.
To be successful as an entrepreneur, we need to have luck, genes and a supportive environment. Yes, it is possible. However, any person can solve any problem anywhere on the planet. This is true for both small and large problems. It is up to you to decide if there are people with needs, wants, and problems that you can help.
Each of us has the option to choose how focused we want to solve this problem.
2. What problem is most concerning to you?
It is essential to establish a clear purpose for your business. To determine the true needs of your area, you must first define the purpose of the project. To understand the needs of your territory, you will need to conduct market research.
Beyond the business solution, there is also the personal and ethical responsibility to shape and grow ourselves so that we can manage constant stress and difficult situations. This means gaining a greater awareness of our weaknesses and making smart business decisions to make up for them. This means that you must balance planning and strategizing with excellent execution.
3. What are you looking to accomplish?
Your ideal project. Then imagine your ideal project. This exercise will allow you to project yourself in one year, two-three years and three years. As precise as possible, identify what you want to accomplish through this project’s realization. Even though you may be in the initial stages of creation, it’s important to reflect on your vision and mission, as well as your goals.
4. Are you able to execute your project?
We all know that beautiful values are not enough to make a difference in the world. This path requires you to change your life in a radical manner. It is important to recognize your strengths and talents. These are your skills.
Keep the skills that you already possess on one side of the list. The other side of the list should be used to identify the general skills required to complete the project. You will then be able determine if you require specific certifications, how to acquire those skills, and even how you will train.
You must also decide on the skills that you will use and what you will search for externally. For example, you might look for a partner or consider partnerships with other professionals.
5. What are your needs?
You will need to feel supported and have a professional network to make your project a reality. And, most importantly, you will need the funds to start your business. After you have outlined your needs, you can take inventory of what you already have.
Once you have a clear understanding of your needs, it is time to act or seek external assistance. Sometimes you won’t be able to fulfill them all by yourself, so it’s important to look for help from others.
6. Who can you turn to for help?
Once you have identified your needs and have a better understanding of them, it is time to assess your professional and personal networks. There are many people who can assist you in some way. Do not delay! Contact them immediately.
Invite them to meet you in person or via phone. This will allow you to have a productive exchange and receive their feedback about your project. Your professional network is crucial to the success of any entrepreneurial venture. Nevertheless, your support network (families and friends) is crucial to the success of any entrepreneurial venture.
You can also search for support programs, training, and aids in your area that are available to entrepreneurs. These programs can also be found online. A coworking space can also be a great way to expand your professional network. Part of your entrepreneurial journey will involve networking and attending events.
7. Is your project financially viable?
It’s great to start a business, but it’s even better to be able make a living out of it! You must assess the viability and feasibility of your project. It is essential to test your idea to determine if it can make a living and if it works. Lack of demand in the market is the first cause of business failure. Therefore, it is important to analyze your market and test your idea in your environment as soon as you can.
8. How is your market doing?
A market study can help you determine if there is a demand for your product/service and confirm that it exists. Although the term “market research”, is sometimes scary, digital technology makes it possible.
The most important question in a market study is how does it compare to other companies. Instead of seeing competition as a threat to your project, see it as an opportunity and a reality. Instead of trying to reinvent the wheel, look at what is already being done on the market and consider what you can do differently.
9. Who are your customers
You can’t sell to everyone if you don’t sell to them all. It is important to know the customer profile before you sell. After you have completed the theoretical analysis, it is time to conduct interviews in order to confirm the theory.
10. What will you do to test your idea/activity
Entrepreneurs wait until they have the right offer before launching a business. It is not a good idea to launch a product or service that no one wants. Instead of waiting until everything is perfect, consider how you can quickly test your idea (for example, build a community, create content, and create a landing page). This will help you determine if it is worth your time, money, and extra effort.
Business incubators are a great way to get your business tested in real-life. Look for organizations in your area that can help you find the missing pieces in your project, and help you grow quickly.
If you aren’t prepared, entrepreneurship can be a difficult path. You can still evaluate your business idea and create a business plan. Then you can test it by networking, planning and digital preparation.