7 Questions to Answer Before You Become an Entrepreneur

Before you do please remember, if you do not ask the right questions, you do not get the right answers. Only with proper diagnosis, comes the right prescription.

1. Am I meeting a need or creating a new one?

This is a very important question you MUST ask yourself. Money only comes when and where there is an exchange of value – Henry Afekuana. Nobody goes to the market just to drop money without collecting value in return. Except you are not in business to receive value in return you must ask yourself “What am I bringing to the exchange table”?

2. Who is going to need my product or services? Where, when, how and why?

Products and services are not made to be consumed all by you. Before you launch into the market, find out who needs your products/services, where your products/services are required, when people usually require such products/services, how they expect these products/services to be sent across to them and finally, why they need your products/services.

3. Who has done what I am about to do?

In most cases, businesses done today are made out of an already existing idea. Before you start that wonderful business idea or not, check out for those who have ventured into such business before you. Find out their success stories and especially their failure stories. Though experience maybe the best teacher but the experience of others is the safest teacher.

4. What is my motive/reason for starting this business?

Why are you going into business? Is it just to become your own boss or to pursue your passion? Many people go into business with different motives. The earlier you know your motive the quicker you would know if you should use the brakes or step on the pedal.

5. Am I willing to put the necessary time to make my business successful?

Different businesses have different amount of resources in respect to time required. Before you step into that shoe of becoming an entrepreneur, find out how long you would have to be actively present to ensure smooth running of your business. Some businesses require you to respond to every customer on a one-on-one basis while some are done passively.

6. Am I meeting a need or just updating statistics of entrepreneurs?

This question may sound funny, but if you do not answer it you may end up just adding to the statistics of the world’s business owners and not adding anything to your bank account or the GDP (Gross Domestic Product). Are you meeting a need? Is there a demand for your product/service already? Are there existing products/services offering the same value as I intend to offer?

7. Is there a market for this product or service?

Lastly, you should consider asking yourself this sincere question. It would be unwise if you spend so much capital for a product/service required by a little or no consumers. How many people would need the products/services you are about introducing into the market? What kind of people? What is their level of income? What geographical location are they residing? Is it a need for them or a want?

This and many more questions every entrepreneur should ask themselves before wearing that Hat.

Henry Afekuana is a proactive Leader, An Idea Catalyst, and A Speaker passionate about helping Individuals & Organizations break limits & exceed boundaries.

For more information connect with him through the follow social media platforms; LinkedIn: Henry Afekuana, Twitter: @afekuanahenry