5 Questions to Ask Yourself Before Starting a Business

| March 31, 2014

There is nothing more thrilling or satisfying than coming up with a good idea. Buoyed with a sense of self-pride and elation, it is incredibly easy to get swept away in dreams, possibilities and visions. The reality, however, is that it takes more than a good idea to turn a profit and even then, many businesses do not succeed. So how does your business idea measure up? Will you be the next Richard Branson, Ron Bakir or Anita Roddick? Read on to discover the five questions that you should ask yourself before you take the plunge.

1. Is there Real Demand?

The difference between a good idea and a phenomenally fantastic idea is whether or not it results in the provision of services or products that are in high demand. It is the difference between struggling along and making it big. Take the time to really research your market and decide what level of demand there is. This doesn’t have to involve weeks of investigatory work; Ron Bakir made the move from Sydney to the Gold Coast simply after reading that it was the location of Australia’s highest mobile phone usage.

2. Are you Passionate?

Follow your heart; do something you are really passionate about. It’s fair to say that billionaire Richard Branson knows a little thing or two about business, so it may be wise to take his advice on board. When we enjoy doing something and really believe in an idea, it naturally becomes easier to dedicate the required time and effort. This is crucial when the times are tough and reaching a profit is years away; it simply has to be about more than just the money.

3. Can you Deal with the Possibility of Failure?

Being an entrepreneur means being a gambler. Then is no way around this. Its why only certain individuals take the leap of faith required for funding, building and maintaining a business. With so much at stake, are you comfortable with taking a risk? Does the idea of failure scare or challenge you?

4. How do you Stand Out?

Competition is a real threat for all potential businesses. Even if your business idea is unique, chances are that after some time, new competitors will copy your business model and enter the fold. So how will you set your business apart? What defining features will make it memorable and distinct? The Body Shop empire is a great example of what you should do. Founder Anita Roddick established the company with a focus on natural, ethical products, which was a welcome change from the plastic, superficial fa?ade of the cosmetics and beauty industry at the time.

5. Are you Confident in your Skills?

Self-belief is one of the most powerful assets you can have, transforming doubts and obstacles into opportunities for self-improvement and personal growth. Before you start a business, you have to identify any fears or misgivings and eliminate them. Trust that you have the skillset that will allow your business to flourish and survive. Confidence attracts others and breeds credibility.

How did you go? Are you still feeling positive about starting your own business? What other vital questions do you think should be asked? Comment below and share your thoughts and experiences.

Category: Business

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