Questions Every Entrepreneur Must Ponder over Before They Startup
In today’s startup lifestyle , these are still some of the same basic questions haunting would-be entrepreneurs’ minds. You may have a business idea in the back of your head for years but haven’t quite figured out if it’s worth pursuing? Is it the fear of being an Entrepreneur that stops you from taking that first step to launch your Startup ?
Needless to mention that launching a Startup is a package of unexpected risk, & challenges . But its important to mention here that this can also be one of the most rewarding experiences .
Here are some critical questions / doubts that may arise in your Entrepreneurial brains before you are ready to take the plunge in the Startup landscape:
Is your Idea Feasible & will your Idea Function as envisioned ? Is what we mean when we ask ourselves what's the proof of concept ?
A proof of concept is meant to determine the feasibility of your idea and to verify that your idea will function as envisioned.
You need to hunt your target market for the product or service that you’re looking to launch. You need to perform a market research by Involving potential customers through which you can pivot your concept for desired outcome.
It is also important to convince stakeholders including investors that your Startup idea is indeed worth pursuing . Are you able to demonstrate financial viability? Developing a successful proof of concept is a critical step, especially if you need to convince stakeholders (like investors) that your idea is worth pursuing.
Are you a People's Person ?
Long Hours , Tight budgets and suggestions are not new when you launch a startup, As an Entrepreneur you must be prepared to navigate conflict with co-founders, employees or the webmaster you’ve hired to launch your site.
Although diverse opinions and disagreements are uncomfortable, they can be managed if you are willing to put in the time to tend to these important relationships. Think about the culture you want to establish for your business and how you plan to facilitate healthy debates that lead to progress.
Is it going to be a Full-time Venture or just a side hustle?
Starting a business as a side hustle may make the most sense because you can test the waters while holding onto the stability of a steady cash inflows. If you are currently working a 9-to-5, planning your day with early morning hours and late evenings dedicated to your business is a common .
Time management becomes hugely important to prevent burnout. Running a Startup can be Door slamming especially when we face rejections from everywhere , yea , launching a Startup is game which faint heart must not play .
Consider a “no” an insight into a pain point that you can try to solve. Look at rejections as opportunities , adapt your strategies and build up your confidence.
Are you going to portray yourself as an Entrepreneur or a Businessman only?
Entrepreneur equals Businessman plus passion, motivation, grit and ambition in order to start and build your business from scratch, You may think the terms “Businessman” and “Entrepreneur” are synonymous, but there is a big difference.
A Businessman is just focused on their process and their products, unlike an Entrepreneur who goes a step ahead fueling in the passion to never quit & scale beyond anyone's expectations.
On the contrary , Its not just Passion to sustain a startup, but it is an essential element during trying times when starting up your business. Along with Passion , an Entrepreneurs needs to stress on process & products / services too to truly work together. Ignoring one of these is no option for an entrepreneur.
There may be some other unique / critical questions you have asked yourself before starting your business? Leave us a comment below & we would be happy to answer those :)