The life of an entrepreneur can be very arduous, with excessive activities, pressure, responsibilities, constant challenges, among other issues. Contrary to what many people think, having a business of your own requires twice as much dedication. With that, fundamental factors of life can be neglected.
In this article entrepreneur, Nitesh Seth shares questions that every entrepreneur must know how to answer five fundamental questions, on which the business project must be based.
1 – What Is Your Business?
It may seem simple, but this is probably the most important definition of all. Above all, your business is something you do or create, that will solve a problem or help people in some way.
2 – What Is Your Business Model?
A little more complex than the first, the answer must translate, in a clear and coherent way, how your business will have a financial return. How will you sell your services or products? Will sales be on the internet, in stores or by catalogue? And the prices? How will the pricing policy for these products be? Are all costs and expenses identified and considered in this policy? In short, what will the financial life of your company be like?
3 – Who Are Your Customers And How Will You Attract Them?
This question appears as a natural consequence of the previous one. When you think about opening your business, it is important to identify where the potential buyers of your solutions are. We live in an era of increasingly sharp market segmentation, and understanding the behaviour, needs and values of your niche is an indispensable component of any business. Only then will you be able to attract them, through Marketing Planning based on statistical data, instead of empirical notions, as, unfortunately, occurs in most cases of failure.
4 – What Makes Your Business Stand Out As Unique Or As The Best?
The easiest question is also the most difficult. Certainly, when he imagined opening his business, this was one of the first reflections. An original idea, know-how superior to the competition, revolutionary technology, in short, there are several scenarios that awaken the entrepreneurial “side” of us all. The answer does not have to be something radical or revolutionary – but it does have to be something tangible and devoid of any personal fascination.
5 – How Do You Think To Grow?
The dream of opening your business is not enough, it is necessary to forecast, anticipate, monitor, dissect the reality of the market to define models of sustained long-term growth. How will your business prepare to grow? How will you meet the sudden and growing demands? How will you lead your team, motivate, delegate tasks and responsibilities, so as not to miss opportunities – and Customers! In short, how will you manage your Business Time?
These five questions are just the basis for a deeper analysis of how to turn a business idea into reality. In our day-to-day lives, we seek to collaborate with entrepreneurs and companies of the most varied segments, sizes and activity time.