6 Questions to Ask-Before You Start a Business

6 Questions to Ask-Before You Start a Business

While starting your own company there are many questions to be answered by yourself (generally called it as self-evaluating). The questions might be related to financial, legal & business-related questions. But, at the same time, you need to focus on intangible questions. Here are the 6 questions that you need to ask yourself.

1. Responsibility- How much responsibility I can take?

Being a boss sounds good, but think a while how much responsibility you are handling on your shoulders. Make sure that you can handle it, for your own sake to take any challenges and brainstorming decisions. As a boss, you’ll be responsible for everything which includes interests of employees, clients, investors, business partners and the community in which you run your business. It is in your hands to bring the reputation in the market by following certain ethics which satisfies everyone in your organization.

2. Sacrifice- What are the things to sacrifice in order to take this work?

If you think from a business point of view you need to sacrifice a lot of things such as sleep, hobbies, exercise, relationships, forget about vacations and even your own personal freedom also. Be ready to hold your nerves to sacrifice your personal life and ask yourself if your sacrifice is worth the potential record?

3. Decision Making- Can I make decisions under pressure?

A decision making- Not an easy task for anyone. As a boss, while taking any decisions you need to think twice or thrice and concern others for any other appropriate suggestions while taking a decision because the decision has to be realistic, powerful & effective. Decision making might be anything while in terms of hiring, accounting, marketing, sales, IT & design.

Almost any decision is better than no decision at all”. Be able to make the decision, move on, and deal with the results.

4. A diverse group of people- Can I manage a diverse group of people?

To run an organization, you need to build a team. So, each & every individual will come from different backgrounds. They will have a different attitude, personalities and views. These differences are to be celebrated, but they will also need to be managed and lead towards a common goal.

So, as a leader can you bring them together to run a successful team. Sometimes, these differences are impossible to overcome and change needs to happen.

5. Can I let someone go, including someone close to me?

A lot of startups involve friends. Those friends may come from a place, neighborhood, university or a previous job. Sometimes those friendships get in the way of good business judgment. If anyone, including a friend, is dragging down the business despite or against the company norms give them a fair chance, they need to go. This is part of your responsibility to everyone on the team who is executing, as well as all of the others.

6. What are my reasons for starting a company?

Is it to make money, change the world, disrupt an industry, work for yourself, passion, pride? There are a lot of reasons people start companies. Make sure you know why you’re starting your company and that the reason is sound.

Be realistic if you’re setting out to change the world. Change doesn’t come easy. Make sure that change is wanted or necessary when trying to disrupt an industry. Be self-motivated if you want to work for yourself, and make sure that you need to have passion and pride.

Have you remembered about Porter’s five force model? Just have a look of it.

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