- How is my mindset?
Mindset is very important when starting a business. In fact, it has the ability to affect how well you do. This applies to online-based businesses as well as it does to any other type of people.
It’s important to check your mindset and make sure it is the right place before you start a business.
- What am I good at?
People often crack their heads trying to figure out what type of business to start. But before you think further, ask yourself what you are good at and start there?
Usually what you are good at can be turned into a service or source of income in another way. For example, if you are good at growing Instagram accounts in a short time then you should create a course teaching people how to do so or offer that as a service especially to businesses and aspiring Instagram influencers.
- Is my idea realist for my situation?
This is so important to analyze in an honest manner to prevent possible failure. Setting unrealistic goals can be both a time and money waster.
A good example is when a person only has $100 at their disposal and they plan to start a private jet business. Now owning a private jet business ONE DAY is not a bad dream to have but to be realistic is to say how can I start a business with my $100 now so that one day I can be able to start a private jet business?
If you are one of those people with just plus/minus $100 in your pocket plus a dream but are not sure how to start a successful business then check these resources that you will give you all the information you’ll need.
- What skills and knowledge do I have?
What did you study in school? What skill have you learned over the years? Whatever it is you can find a business model that will fit your skills and knowledge.
Most times it is all about stretching your brain and thinking outside the box. Do some research on the internet. And ask yourself “can I offer this as a service?” Most times you’ll find that you can and if not there’ll be an alternative way.
Maybe you have a “sales personality”. Yes, that can count as a skill as well. Maximize that by finding a product to sell and use your selling skills to sell things to people.
- What do I need to learn?
When you have analyzed what you do know and which skills you have, then you need to determine what you don’t know that you will need in your business.
Find out how you can the skill or acquire the knowledge. The internet is a good place to start. There are plenty of blogs (like this one) and vlogs with lots of information and resources to help.
- What do I need to start?
After you’ve determined how you’ll learn what you need to know the next step is to analyze what you need in order to start.
What resources are you going to need to successfully start and run your business? Is it human capital or financial capital?
After you determine what you will need, determine how you will get what you need.
Two things you will definitely need are a website and a logo for your business. You don’t have to stress about this part because you order a professionally done logo here and a professional website from here.
- Does it have an existing market?
Is your idea potentially going to sell? Is there a market for it? Are there other businesses that are using the same model and is it proving to be working. Is there competition? Are you able to offer something unique that will help you beat the competition? Are there any barriers to entry?
These are all multiple questions but they will help you rate whether there is a need and an existing market for your idea or whether it will be possible to create one.
- What do I want to achieve?
This question is more for when you have started. What is your purpose for starting a business? And from that purpose what do you want to achieve both in your business and for yourself?
It’s important to write this down and revisit it as often as possible. This is your why, and it will keep you focused and determined during the rough seasons of your entrepreneurial journey.
- What is my mission statement?
Your mission statement is what you believe in both as an entrepreneur and as a brand. It is your core value and what your business stands by. For some business models, it may e helpful to let your customers know what your mission statement is while for others it’s more for you and your future team to revisit.
When properly applied a mission statement can set the tone for the morale and integrity for you and your team.
- Am I willing to sacrifice my time and effort?
This is something that most aspiring entrepreneurs undermine, the amount of time and effort that you need to grow a business or brand.
The exact amount varies as per business type and nature and sometimes depending on who is working on it. But don’t ever underestimate the amount of work you will need to put in to be profitable.
It looks glamorous when you see other established entrepreneurs reaping the benefits but what they never show you are the number of hours put in and sacrifices made to be where they are now. So don’t look at that and be easily moved to think it’s easy, because it is definitely not, in most cases, but the benefits you reap will be worth it.
- Am I willing to get out there?
Being an entrepreneur involves taking a risk and stepping out of your comfort zone. Are you willing to risk your finances to get a return on your investment even though there’s the possibility that you may lose it all?
Are you willing to overlook the possibility of loss and maximize the possibility of wins? Because entrepreneurship is about focusing more on the positive results, than the possible negative results.
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What stage is are you at? Are you still evaluating your idea or have you started implementing it? I’d love to know in the comments section below!