Many enthusiastic entrepreneurs are waiting patiently for a unique idea to hit them, so they can strive to start a new venture.
Entrepreneurs want to start a business that will give them control and provide them with financial independence and help those in need or change the world in their own way.
Questions for Entrepreneurs
Goals and some questions for entrepreneurs have to get thought about beforehand because if you focus on the wrong ones, you will fail and hit the ground too hard to get up again.
The best way to start is by first having a clear mindset of what values you hold, what are your priorities.
Do you want to be a founder or a side hustle business?
Below is the list of 7 questions for Entrepreneurs that you should think about and ask yourself to help you find the best path for you.
What time is best to begin this journey?
The most crucial thing for every startup is timing.
Timing has to be right or, one fails because they have family commitments that come in the way, are not prepared enough, or have health issues leading to failing the startup.
However, the matter of fact is, waiting for a perfect time can mean never getting to start because perfect timing is impossible to get by.
When we say timing and waiting for the right time, we mean you should have some knowledge and experience in business, creating relations, and managing risks.
Many advisors suggest the best time for starting a business during or once you complete your academic studies.
However, we believe that the only way to get the realities, tools, and processes of a business is by getting into the business.
Once you have time to put all your energy and commitments into a business, start off by doing something small so you can learn from the mistakes, failures, and risks you face without having to go broke.
Once you learn, you can go big!
Do I start out alone or put a team together first?
The biggest test of a leader or an entrepreneur is whether you can convince or persuade others to join in the idea you have.
A business can never get done alone, bitter truth that is.
You will need other people with expertise in various fields like marketing, operations, or finance to help you out in those areas.
Yes, you could start off alone. However, having a team means getting more work done, more ideas will come forth, and one has a better future.
The reality is, if you cannot persuade a person to join you in your idea, then you have no future in that idea.
Do I wish to get monetary returns or want to help others?
An important question for an entrepreneur starting is whether it’s for financial gain or to make a difference in the world and to help others out.
There is nothing wrong with creating a massive business like Amazon, but is that the only goal you have, or do you have plans to help those in need?
Believe it or not, many people who are playing in money regret the paths they have taken and wish they had taken on a different route.
The best strategy- kill two birds with a stone- is by combining two goals together, where you wish to make a profit but also wish to donate a percentage of the profit you make to those in need.
For example, Toms Shoe Company came with a strategy where a pair of shoes would get donated for every pair sold.
The outcome was how the profit was much higher than the cost of the shoes that got donated.
Therefore, think carefully about what you wish to achieve through your business.
Shall I use and rely on my own resources or find investors?
Bootstrapping-building your company/business with no outside resources and only using the personal savings you have- is a great way to start a business.
Why?
Because all decisions will depend only on you and you will be in charge of all the control, finance, reward, and so on.
However, the truth is one does not always have the finance to start a business on their own.
If you do not have the finance, you can get investments from family, friends, or investors.
However, if you do choose this route, then remember you will have to share everything from equity, control, reward, and decisions, with them.
How will I assign responsibilities and compensation?
When you do get someone to join your business or your idea for an important or key role, they will demand to get presented with a big title and tangible assets, if they cannot get the best cash compensation.
You will need to look for the right people with the right skill and expertise to recruit.
Family and friends might be a good option especially if they have the skills you’re looking for. Otherwise, they are not the best solution.
Do I want a local business or a global enterprise?
You have to decide whether you wish to have a local business or want to go global and create a global enterprise.
It will all depend on your comfort and what you are comfortable with.
If you do not want too much complexity or difficulty, then a small local business will be enough for you.
However, if you wish to become a global name and start a global enterprise like Jeff Bezos, you will have to be good at handling complex situations, managing many locations and employees-globally-and be ready to face anything that may come unexpectedly.
Think about what you desire and what you can face before starting anything.
Are you a person who can handle a global enterprise or not?
What do I wish to see as my legacy and an exit strategy?
Many people like the challenge of creating products and starting a company, and repeating it.
However, others like start and widen the business they have and make it a global public enterprise.
You have the choice of leaving a legacy as an entrepreneur, industry giant, or global leader.
Richard Branson is a fine example of someone who loves the satisfaction of beginning innovative startups and giving rewards to team members.
Virgin Group is his branding that now has more than 400 companies, and he holds a legacy as a leader.
Those who do not think about this question get cost their sanity, their business, their money, and overall everything.
Everyone has different thoughts, values, expectations, weaknesses, and strengths.
You should set the direction you want to go on before starting anything, so you know what you are aiming for.
Final Thoughts
Entrepreneurs should look at what values they hold before they start anything new. Ask yourself (being entrepreneurs) the questions above, write them down, so you have a clear mindset and a roadmap to follow. The clearer mindset, the better the journey.