Seven questions to ask yourself before starting your own business
Many people dream of starting their own business, at least this thought may come to you from time to time. All the advantages of owning your own company in person are no bosses for you, you work for yourself, the schedule is convenient.
However, let's be honest. Despite all the advantages, owning a business is a very ambitious task, and according to statistics, most of the new companies close in the first year of existence.
We have selected 7 simple questions, answering which, you can understand whether you should risk your money and time and open your business, or it is better to get the idea out of your head and build a normal career in a foreign company.
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ToWave's Top 20 Reasons for a Failure to Fail
1. How well do you work without the help of others?
Do you need motivation to work from outsiders? Can you set yourself tasks and monitor their execution? How efficiently do you spend time if the boss does not set you a clear deadline?
Many people believe that being solely responsible for something makes life much easier, but often it is not. In fact, the most difficult thing is to start when there are no clearly set goals and deadlines. The most successful entrepreneurs are by their nature independent and can work productively regardless of whether they have a boss or not.
2. Are you an inventor or entrepreneur?
Many successful startups are reading a great idea, but the idea of ​​a product or service is a necessary, but not sufficient condition for a successful business . Too often, the “inventors” focus only on the product, on the prototype, on the patent, etc., while ignoring other aspects of business development. Having a good product does not guarantee you an instant customer appearance. And "entrepreneurs" know this.
Of course, if you consider yourself to be more an “inventor” than a “entrepreneur”, this does not mean that you must definitely abandon the idea of ​​your own business. However, most likely, you will need a partner with entrepreneurial qualities that will help you to take your idea to a new level.
3. Does your idea have any value for potential customers?
Probably, you have already heard the common statement "Love what you do, and everything will work out, and the money will come." In theory, of course, everything is fine, but in real life it rarely works that way. I have no doubt that a passion for your favorite business is an important element of future success, but to create a profitable company you have to offer something that others will be willing to pay for. In the end, the market does not care about the fact that you embody your dream. People spend money on products and services that satisfy their needs and desires.
4. What makes your business different?
Your idea is similar to the ideas of existing businesses, or is there something unique? How competitive will the chosen niche be in the market? These aspects are important to take into account (but this does not mean that the key to success is necessarily a completely empty market segment). A more significant role is played by how you will position your company and its place in the market. The same Starbucks can hardly be called the first company selling coffee, and surely they will not be the last.
In short, the idea for your business does not always have to be completely new. You should carefully study the industry, try to find segments that are not yet busy, understand how to best occupy them and start working.
5. Do you want to work as a "man-orchestra"?
When you work for someone else's company, there are always specially trained people who can fix the printer, arrange for water to be supplied to the cooler to the office, prepare reports for the tax, and so on. And if you decide to start your business, it is better to immediately prepare yourself for the thought that you will most likely be engaged in all these things at the beginning.
Starting a new company usually involves many roles. Now you can perform the functions of a technical support employee or a salesperson, and in an hour an accountant. So, before you try to open your company, answer yourself honestly to the question of whether you will be comfortable playing several roles at once with a large variety of functions (including not the most honorable).
6. Do you have a financial pillow to start your own business?
If it is vitally important for you to know when the next advance will come to the payroll card next time, it will be hard to work for yourself. Small companies and freelancers often experience fluctuations in income, and when you launch your startup, your company may not be profitable for several years after its foundation.
Here it is very important to clearly understand the expense of which financial sources you plan to support your existence and the development of your business. In many cases, the best time to prepare for launching your own business is a period of work in a foreign company.
7. How will you accept the fact that something will not work?
When it is already a lot of effort, time and money spent on what you are doing, it is difficult not to perceive refusals and disappointments somehow differently than not as a personal failure. However, entrepreneurs should be prepared for a large amount of negative news - from investors, retailers, users in the global network. Do not spend much time trying to “digest” the offense, better make a conclusion from the current situation and move on.
And a few more thoughts
By asking yourself uncomfortable questions in advance, you will help yourself to draw the line between success and failure. However, if one or two questions made you think, do not let this give up the dream of opening your own company. To become a successful entrepreneur is more than possible, you just need a few additional steps to achieve your goal.
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Source: https://habr.com/ru/post/206808/
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