Some people are content to work for others in a 9-5 job. However, there are those who want to break free from the confines of a cubicle. If you are one of those people, then you probably want to start your own business and be your own boss. You want to own your hours and do something you love. As wonderful as it all sounds, starting a business can be a messy deal. So before you decide to risk your savings and your sanity for your own business, ask yourself these questions to check if you can become a full fledged entrepreneur.
1. Will My Idea Make Money?
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Even if you want to make a business out of something you are passionate about, you should still take into consideration its money making potential. Think about the present market competition and how you will fare against them. Try to pinpoint the unique selling point of your product or service.
2. Who Are My Target Customers?
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Before launching your business, you should have already identified for whom you are providing your product. The design and price of your product are also dependent on the needs and wants (potential or present) of your target customers. Your target market or customers determine whether your product will sell or not.
3. Do I Have a Marketing and Sales Plan?
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“If you fail to plan, you plan to fail.” This saying definitely holds true for a business. You need to have a plan on how you will market and sell your product to your target audience. Some things you should take note of are: your unique selling point, marketing strategy, and branding.
4. Does My Business Need Capital?
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While financial capital is an important thing for a business, it is not always a necessity. Think of your business idea and how much you need to execute it. If you need money to start your business, there are many ways to get it such as bank loans and investments from family and friends. Of course, you need a pitch that will convince other people that your idea will make money.
5. Can I Be My Own Boss?
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Running your own business is not always as glamorous as it seems. You need to be a self-starter with initiative and drive. No one will remind you of tasks to be accomplished. If you want to successfully run your business, you should be able to be your own boss.
6. Do I Enjoy Challenges?
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Challenges are part of the daily life of an entrepreneur – from the start up to continually developing your product. You must enjoy challenges and solving problems if you want to be successful. Your problem solving skills should be in place. It also wouldn’t hurt if you continue to develop them.
7. What is My Product?
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What exactly is it that you are offering to your target market? Determine what your product is from the very start of the planning stages. You should come up with a product based on the needs or wants of your customers. You can also create a product so novel that you create a need for it.
8. Is This Business My Passion?
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It really helps if you do something you absolutely love. When you are faced with challenges and frustrations, your passion will help get you through the day. If you love what you are doing, you will not mind working long hours or doing even the most menial jobs.
9. What Are My Strengths and Weaknesses?
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Recognizing your strengths and weaknesses is something you should do from the start. This will help you identify what you need to improve and what you can take advantage of. Knowing your strengths and weaknesses will also help you identify jobs that you can do, what you need to pass on to others. You will also know when it is time to seek professional help.
10. Do I Have the Knowledge and Skills for the Business?
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While it is true that you cannot know everything, it is good if you at least know something. Can you say that your knowledge or skills is enough to start your business? You can definitely learn along the way but you cannot start a business on something that you know nothing about.
Entrepreneurship is not for the faint of heart. You need to be a strong person who is able to take failures, criticisms, doubts, and challenges in stride. Your business will flourish if you are consistent, persevering, and determined to make it work. Not everyone is made to be an entrepreneur. However, if you work at it, then you may receive a very rewarding pay-off.
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