While it’s essential to determine your strengths and weaknesses before starting up a small or home business, there are other equally important questions to ask yourself, too. Yet most are so excited, to jump in and go, they never do.
Many eventually winding up with a business which doesn’t suit them. And can fail fast.
20 Questions Every Entrepreneur Should Ask Before Starting a Business – But Never Do!
Here’s 20 Important Questions. The answers to which will not only help you develop a better, more successful, business. But reduce problems. And make your life that much easier.
1. Are you an early riser or prefer to work late? Get this wrong and you’ll be miserable from day one.
2. How many hours a day would you prefer to work? Choose a biz with a long work day you’re uncomfortable with, and you’ll not only be exhausted but likely making poor decisions.
3. Do you mind traveling a distance to work? Or work closer to home?
4. Would you prefer a home business? Or lease commercial space, to partner with others? Know this upfront and you’ve already created a better business.
5. Would an Internet based biz be right for you? If so, why?
6. Would you prefer “outside sales” – visiting clients? Or “inside sales” where they visit you? Get this wrong and I guarantee you’ll be miserable and fail fast.
7. Would you prefer working with customers, or not? Working directly with customers isn’t for everyone. Do you have the personality and desire to do it.
8. Starting a retail biz? Are you willing, or capable, of doing chores like cleaning
the restroom, vacuuming, organizing merchandise, making deliveries?
9. Would you be comfortable shopping for products, meeting and negotiating with vendors? Some people love it; others avoid it like the plague.
10. Would you be comfortable interviewing, hiring, training employees? This is extremely important if you need staff. If you’re not comfortable, or experienced, be prepared to hire someone who is.
11. Will you be capable of properly disciplining employees? Your employees are a very important part of your business. Treat them unfairly, or like children, and they’ll desert you like rats diving off a sinking ship.
12. Can you handle necessary bookkeeping and other paperwork? Properly manage your finances? One of the top reasons businesses fail is lack of proper financial management. If you’re unwilling, or incapable, hire someone.
13. Can you deal with the regular procession of sales people who’ll visit or call you? Sales people, without appointments, can often interrupt at the most inopportune times.
Find a way, from the start, to program them into your day. Or set up a specific biz phone number, or email address, as a way to reach you.
14. Are you experienced in organizing advertising and PR? Are you willing to learn, or hire someone who’s capable of handling them?
Aside from financial mismanagement, lack of or poor marketing can be the downfall of an otherwise successful business. Ignore it at your own peril.
15. Are you willing to embrace change and challenges? Or avoid them? If avoid them is your answer, immediately call your boss back; and beg them for your old job.
Bottom line: With entrepreneurism, changes and challenges are the rule rather than the exception.
16. Are you computer literate? Or willing to learn? In today’s high tech world, this knowledge is essential.
17. Is working behind the scenes more comfortable? It’s rare for a successful business start up to have an entrepreneur who doesn’t meet with clients and others.
But if you believe you can’t, reorganize your biz to make it so, hire someone to take the reins, or start up a business which is a better fit.
18. Should your business be organized around your family or personal issues? It’s important to get this right from the start.
19. Will personal or family responsibilities keep you from performing certain biz responsibilities, or require you to set your schedule based upon them?
Do yourself a favor, and properly organize your schedule, around them, from the start. Don’t and your family could wind up your biggest business problem instead of one of your biggest assets.
20. Do you, or a family member, have medical scenarios which keep you from completing some business responsibilities? It’s absolutely essential to provide for these. Plus plan for eventualities.