Embarking on your entrepreneurial journey should not be put off indefinitely, neither should it be jumped into without thought, planning and clarity. Even before you write your business plan, there are ways to find out more about your business idea, investigate your industry and truly determine what the business is all about.
Here are 5 Questions Every Entrepreneur Must Ask:
1. What problem will this business idea solve? This is a million dollar question, yet many entrepreneurs are totally oblivious that the “Eureka Moment” which has been likened to the sudden lighting of a bulb in the entrepreneurs brain, can only become a business if it will solve a problem or fill a need
2. Who will my customers be? This is another important item in the bag of 5 Questions Every Entrepreneur Must Ask. If you are selling children’s toys, it is not children who will buy; if you are selling Elevators, it is not the people who love to use them who will buy. In the former example, you must target Mothers etc. while Builders and developers should be courted for the latter. Stephen AkIntayo said this again recently – know who the customers will be before you even design the product.
3. How often do the customers buy?My Oh My! What a big question! If you are selling decorative aquaria, frequency of purchase is totally, and I mean totally, different from customers of a fast food joint in a busy office complex. The product of frequency per month, average number of customers and unit price is your revenue for the month mate! Didn’t know that? Well, now you know! You need to be sure the revenue will be motivating and inspiring, enough to get you out of bed each morning happy to be an Entrepreneur!
4. How much do I need to start the Business? Hmmm……the moment of truth is here. You need to add up all the capital investments you need to the estimated working capital for the first 3 months or as long as you need before you start making money. If you would like to know a bit more about access to finance, see this article: http://www.slideshare.net/fayowilliams/how-to-access-to-finance-for-your-smallbusiness-by-fayo-williams
5. What comes last in the 5 Questions Every Entrepreneur Must Ask? Simply this: Am I ready to give what it takes?? KehindeKamson of Sweet Sensation told her story of how the idea for the eatery took root in her father’s garage, with a lot of sweating over pots and pans at the crack of dawn in order to fulfill orders. Not the glamorous dream in your mind right? Well, that’s what it took to build a leading food experience brand, so I ask again, are you ready to give what it takes to achieve your dream?
Looking round your local community, interacting with those already in business and identifying a mentor will give you the opportunity to ask those 5 Questions Every Entrepreneur must ask, and you will be glad you did. Are there other questions bothering your mind? Fill in your comments below or contact me with details in my bio box. Like ZigZiglar said, see you at the top!
‘Fayo Williams is a Pharmacist with over 20years experience, an Entrepreneurship Development Master Trainer and Radio Host committed to sharing Business start-up and Management Principles. Contact her by email: [email protected] or fill the contact form on www.simplyexponential.com
Tags: entrepreneur, entrepreneurs, questions entrepreneurs ask, business idea, business, access to finance