Last updated on October 8th, 2016 at 11:57 am
In today’s world, it is not very difficult to start a venture. Several experienced experts and many youngsters, some even when they are studying, start their own ventures with the hope of building a huge business.
Starting one’s own venture is a big step. It requires meticulous planning, dedication, time, and funds.
It is very essential to have an open mind and be balanced before venturing into entrepreneurship. Here are some such questions which you must ask yourself before starting your own venture:
1) Do you have a DREAM?
A great business is born out of a simple dream. A dream is what drives an entrepreneur to start something on his own. It is this dream that pushes him to grow his business and make it big. Ask yourself what drives you and what interests you before you start a business.
2) Is your venture SOLVING a problem?
This is the most essential question. It is sometimes not enough if you have a dream or the passion. The idea you’ve got should provide a solution to a problem faced by one or a lot of sections of the society. Every business, to achieve success, needs to resolve or fulfill a market demand.
3) What will you NAME it?
Entrepreneurs need to think about name for their venture. It is vital to find a name that expresses a positive meaning, especially in the country you aim to operate in.
Apart from the meaning of the name, you need to decide whether you want the name to convey the nature of the business you do, and the product you sell.
4) Do you have the TIME?
A new venture is like a baby. It needs ample attention and full time to flourish. Before you launch the venture, resolve if you’ll be able to work on it 24*7 for a couple of years or at least till it becomes lucrative.
5) Are you eager to be PATIENT?
Almost all start-ups take time to yield revenues and longer time to convey profits. Sometimes, entrepreneurs need to invest time, energy and money for 2 or 3 years before they can see good results. Are you ready to be patient for a long time? If the answer to this is yes, you’ll be prepared for a start-up. Prepare a business plan, perceive the payback time and then ask yourself this question.
6) Can you take the RISK?
A start-up is as risky as it is exciting. This is in fact the first question which should come to your mind. If you are a person that prefers a regular salary in your account, then entrepreneurship may not be the right thing for you. Sometimes, a person may have the appetite to take the risk. But he wishes to evaluate if he can tolerate the risk in financial terms.
7) How will you FUND it?
Once you have answered all the above questions, work out how you will fund it. Study your finances and find out if you can bootstrap and for how long. Learn about funding requirements, figure out whom you can pitch your idea to acquire funding.
Starting a business with a new idea is exciting and can also be amusing. Ask yourself these questions, give honest answers and then make your decision.