12 questions you should ask yourself before undertaking
Starting a successful business requires planning, dedication, and training. Investment always involves risk, but it is possible to reduce it. With these 12 questions to ask yourself before undertaking brings Hispanic Entrepreneurs you will know if you are prepared to face them.
Having a business of their own is the dream of many people. Before taking this step, it is necessary to understand what it means to be in charge of a company. It is necessary to make an investment, which most of the time involves the entrepreneur's savings. You will not have a fixed work schedule, you will dedicate more than 8 hours a day and you will work weekends.
And still success is not guaranteed. Half of the enterprises disappear after 5 years. Only a small percentage remains standing in the long term. Planning and passion for what is done are two of the keys to a successful business.
Questions to ask yourself before undertaking
Do you want to know if are you ready to start? Read this information that we prepare for you.
1. Why do I want to start a business?
Starting a business is a responsibility that you must take seriously. It is not enough to do it because you want to quit your regular job or because others around you have done so.
Do you have an idea that you think will make a difference in the market? Are you willing to face the risks and deal with the obstacles that arise? To become your own boss you must have a passion for what you do and believe in the product or service what are you going to offer.
2. Do I know how to make decisions?
From the moment you start working in your business you will have to make decisions, one after the other. What type of company to register, the name, what is your niche, where to look for financing, how many workers do you need ... The list is endless.
Even if you have advisors, the last decision will always be yours. And on many occasions decisions must be quick and under pressure.
3. Am I prepared to run a business?
Running a business requires constant work. You must understand that most of the procedures and decisions are on your shoulders. If you have enough drive to meet this challenge, then go for it.
Having knowledge in the industry in which you will work will be of great help.
4. Am I willing to take the risks of being an entrepreneur?
Opening a business in Clarksville or any other city involves risks and you have to work to achieve success. You will have to resort to the family savings to start, apply for financing - which will compromise future income. You will even sacrifice the first wages.
5. What is the market I want to reach?
Study the market and define the niche you want to reach. You have to understand the industry, if there is room for the product or service you offer, and who your competitors are. Define your strengths and weaknesses to start off on the right foot.
6. What makes my product or service unique?
Most likely, there is a product or service similar to yours on the market. Then you should find a way to differentiate your offer from the rest. One tip you should follow is to try not to cover many products. Instead, focus on one and specialize.
7. Are there growth opportunities for my business?
By studying the market and defining the characteristics of the product you will know what the growth opportunities are. Start evaluating how you can improve later, how you can add value to your business.
8. Do I have the support of my family?
Every entrepreneur needs a support network and the main members will be their own family and closest friends. Everyone must understand the risks of undertaking, especially in the early years.
The people closest to you will be your support on difficult days. You must earn their trust and be able to trust them too.
9. What are my business goals?
Define your business goals, where you want to be in the coming years. What do you expect to happen with your products, how to offer a quality service, how to increase sales, etc. All this will allow you to define the strategies to direct, promote and grow your company.
10. Can I do it alone or do I need partners?
It is likely that you need a work team willing to invest in the business and to accompany you in the process. Analyze if you have enough knowledge to be at the forefront of all the production and administrative processes. Or if, on the contrary, you need help.
11. Do I have a business plan prepared?
Good planning will give you the foundation to have a solid business. Having a plan is a sign that you are committed to your venture. Even if you start small, outline the strategy you are going to follow. Without a plan it will be difficult to get financing.
12. Do I need additional training to start my business?
You may be knowledgeable about some aspect of your business, but you are likely to lack training in other fields. By having a company you will be in constant learning.
You should participate in training programs to learn more about how to run a business. As well as to understand all the processes within the company.
These 12 questions you should ask yourself before undertaking will help you know if you are ready to take this step. Do you want to learn about the experience of other entrepreneurs? In our magazine you will find information.