55 QUESTIONS TO START WITH AS AN ENTREPRENEUR
- IWB Post
- March 1, 2014
How to be a young entrepreneur? It’s the million dollar question we seem to hear everyday? We decided to build a list of questions that everyone should ask themselves before starting a business. These questions will hopefully help you form an idea, evaluate your idea, evaluate yourself and even execute your idea. If you answer all of these things honestly you might just figure out what your business should be and if you’re even cut out to run your own business.
Take a few minutes to think about it. Add what questions you think a young aspiring entrepreneur should ask themselves in the comments.
Step 1: Understand the Self
1. What do you spend your money on?
2. What do you love to do? Hobbies?
3. What are everyday problems in your life that you can solve?
4. What are your skills/talents? What are you good at?
5. What do you want to do everyday? What makes you get up in the morning?
6. What do you want to be when you grow up?
7. Who do you want to hangout with each day?
8. What do you want your purpose to be?
9. What impact can you make on the world?
10. What do you want your legacy to be?
11. What would you do if money was not an option?
12. What would be your rockstar job title?
13. What are your strengths and weaknesses?
14. What would your dream life look like?
Step 2: Engulf Yourself in Your Industry!
15. What are the leading blogs/magazines/publications?
16. Who are the leaders and influencers in the industry?
17. How are people already making money in the industry?
18. What are the leading companies in the space?
19. Can you get a position or internship to learn about the industry first?
20. What are the common questions the customers and readers of the blogs have?
21. How has the industry changed in the last 5, 10, 20 years? Where is it headed?
22. What companies have failed in the industry? Why did they fail?
23. Who is the average consumer? What are their characteristics?
24. What niches are unserved? Where are the holes in the market?
25. How can you improve, disrupt or turn this industry upside down?
Step 3: Network Yourself!
26. Were does your target market hang out?
27. How are the local leaders in your industry?
28. Which one of your friends would buy a product from you?
29. What can you learn from them?
30. What problems do these people have?
31. What skills do you have and what skills do you need in a business partner?
32. Who are the most talented/passionate people in the industry? What makes them successful?
33. Are their groups/meetups around your passion?
34. What can you learn from your competition?
Step 4: Know the lifestyle
35. How long can you go without a paycheck?
36. What are your personal monthly costs?
37. What could you live without or stop doing today?
38. Are you willing to give up Friday & Saturday nights out if needed?
39. Do you realize entrepreneurship is not usually Silicon Valley glamorous?
40. Are you OK if your huge idea turns out to be a small idea?
41. Are you willing to sacrifice everything at a moments notice to make your business work?
42. Do you consider yourself crazy? At least a little?
Step 5: Take the Leap!
43. Is there healthy competition around your industry? Why or why not?
44. Can you stand out from the pack? Is your business idea unique?
45. Can you start small without huge capital investment?
46. Can you see yourself doing this 5 years from now?
47. Is the market for your business big enough to support your idea?
48. What is the most effective way to reach your customers?
49. How much money will my idea cost to start?
50. Will my business always rely on me or can I delegate responsibility?
51. What are my goals? Short term? Long term?
52. Who will actually pay for this?
53. Do you really believe in your idea?
54. Does your idea provide value to the customer?
55. Can you explain your idea to your kid sister?