5 Questions Entrepreneurs Should Ask BEFORE They Begin
These five questions will help you, the entrepreneur launch your business with clear goals and objectives. It will help you avoid the commonly missed questions you must ask yourself before launching a new business. Let’s get started…
Do you want to build equity or profit?
As tempting as it may be to build both, it’s usually best to focus on one or the other. There are businesses with a big brand name and with a large audience, worth millions, but they don’t make as much profit as you might expect. Twitter is an example. Then there are businesses that are not worth so much, equity wise but are making strong profit. For example think of a lawyer’s private practice.
How much will your business rely on the Web?
The Web is full of possibilities for your business, whether you’re entirely web-based or use the Web only for spreading the word about what you’re business. If you need the Web to function, then be cautions what you are dependent on – when Google introduced the Panda update, many article directories saw their revenues slump significantly. Take precautions by getting professional, trustworthy advice.
Do you prefer to take financial risks or emotional risks?
Both? Chances are you’re more comfortable with one sort of risk than with the other. Emotional risks may be less ‘costly’ to your bank account but they can take a toll on your health and wellbeing.
What sort of marketing will you focus on?
All marketing can be effective in it’s right place, but you do need to identify what may work best for your kind of business. Will you focus on off-line or on-line marketing? Will you combine your efforts? Regardless of your choice, marketing is most effective when you use professional services.
How important is your website for your business?
Many businesses rely on their website to generate income. Some websites ARE the business. For example, if you’re an e-store, your website is crucial however, if you are the local fish and chip shop in Footscray, a website is probably not the most profitable way to market your business.
As an entrepreneur, asking questions is a healthy way to encourage your creativity and develop your vision. Just make sure you ask yourself these important questions before you launch your new business.
